Published: Mon, November 05, 2018
Markets | By Otis Pena

Lowe's to close 31 stores across Canada

Lowe's to close 31 stores across Canada

Lowe's Companies Inc. announced this morning that it will be closing 31 stores across Canada, including both its relatively new Lowe's location at Great Northern Road and Northern Avenue, and its Black Road Rona location in Sault Ste. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

Lowe's is closing more than 50 underperforming stores - including one in MA - by February of 2019.

The company says it will give associates opportunities to transition to other stores.

Lowe's is closing 51 underperforming stores across the USA and Canada. None of the USA stores to close are in the Carolinas, according to the list posted on Lowe's website.

"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.

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The company cut its sales and profit outlook for the year.

The location in Granite City, 1333 Schaefer Rd, is on the list of stores that will be shut down by February 1, 2019. Lowe's reports financial results Wednesday, Nov. 16.

Lowe's made the announcement Monday.

In an interview with the Observer last month, Ellison said he considers Lowe's a "transformation" and not a "turnaround" like J.C. Penney, where he spent the last three years as CEO.

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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