Lowe's Set to Close 'Underperforming' Stores

Customers walk toward a Lowe's store in Hialeah Fla

Customers walk toward a Lowe's store in Hialeah Fla

The closures will reduce the company's expected annual earnings per share by 28 to 34 cents, it said.

Lowe's Companies Inc.is reducing its Canadian footprint by closing 31 properties across the country in a bid to streamline its business.

In an announcement Monday the retailer said most associates in the closing stories will be offered a chance to take a similar job at a nearby Lowe's.

Lowe's, which operates over 2,000 stores in North America, said the latest store closures would be complete by February.

Lowe's announced Monday it would close 20 of its USA stores, including two in Orange County, as retailers gear up for the holiday shopping season. It did not identify which stores those are.

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

"They probably had too many locations", he said.

In a release, the company states most of the impacted stores are within 16 kilometres of another Lowe's store.

Among the 27 stores set to close by the end of January are nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia. "We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe's stores". Other high-profile positions were eliminated and replaced with other roles that report to the CEO.

A former Home Depot executive, Ellison was named CEO in May after several years at the helm of retailer J.C. Penney.

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