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

Lowe’s closing underperforming stores

Lowe’s to close dozens of underperforming stores across the US and Canada | Charlotte Observer

Most of the unprofitable stores are each within 10 miles of another one of its stores, Lowe's said. In addition, two Missouri Lowe's - one in Bridgeton and one in Florissant - are slated to close.

"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. It will also close 20 "underperforming" stores in the U.S.

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

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

Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year (Feb. 1, 2019).

Despite a strong housing market that's benefited the home-improvement retail industry, Lowe's has still trailed its larger competitor, Atlanta-based Home Depot.

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

Lowe's made the announcement Monday.

Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its new chief information officer.

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

The closures are expected to be completed by February, says the company.

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