Published: Mon, November 05, 2018
Markets | By Noel Gibbs

Lowe's to close 31 stores across Canada

Lowe's to close 31 stores across Canada

"The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business", Ellison said in a statement.

The company will wind down operations at 20 USA locations and 31 Canadian stores by the end of its 2018 fiscal year, which ends February 1, 2019.

The list of other USA stores closing include locations in Alabama, California, Connecticut, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, New York, Pennsylvania and Texas.

Some of the US stores will close immediately, Lowe's said.

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While Lowe's is far smaller and less exposed to the presence of Amazon and other online sellers, the closures follow a wave of similar moves by traditional US retailers in the face of greater online competition.

It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona. The company will try to find jobs at nearby stores for its employees affected by the closings.

Two Rona stores and one Lowe's store will close in northeastern Ontario.

The expected financial impact of today's announcement of $0.28 to $0.34 per diluted share was not contemplated in the business outlook for fiscal 2018 which the company provided on August 22 when it released its second quarter earnings.

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Lowe's made the announcement Monday.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's.

That includes, for instance, retooling inventory to ensure popular products are always in stock, and that Lowe's clears out unpopular products that gather dust on the shelves.

In a release, the company said the locations are underperforming.

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