Lowe's closing 31 Canadian stores and other locations, 20 stores in US

05 November, 2018, 16:56 | Author: Brooke Harris
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Nine store closures are expected across Ontario, including one in Sudbury.

Lowe's will have store closing sales at most of the locations to get rid of inventory.

Lowe's is closing 51 underperforming stores across the USA and Canada.

The company is already shuttering its Orchard Supply chain of 99 stores, leading to between US$390 million and US$475 million in write-downs.

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"Everything will be done to ensure a smooth transition until the stores are closed, and Lowe's Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible", Prud'homme said in a statement.

Lowe's now operates a total of 2,390 home improvement and hardware stores. None of the USA stores to close are in the Carolinas, according to the list posted on Lowe's website. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment. Others and the Canadian stores are expected to close by February 1, the end of the company's fiscal year. Lowe's has partnered with Hilco Merchant Services to help manage the process in the US and ensure a seamless experience for customers. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20.

Most of the unprofitable stores are each within 10 miles of another one of its stores, Lowe's said.

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