Lowes to close 51 stores in North America next year

Customers walk toward a Lowe's store in Hialeah Fla

There are 31 locations closing in Canada, a lot of them part of a $3.2 billion acquisition in 2016 of Rona, which had 496 corporate and dealer-owned stores. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store.

According to Bloomberg, the reassessment relates to a renewed focus on the business's large-format locations, with several small-format stores among those to be shuttered. The most store closures will occur in Ontario, including in cities such as Sault Ste.

A home improvement giant in the U.S.is taking a hit. You can find a list of Lowe's closure here.

The company described the stores as underperforming. The retailer will attempt to relocate employees to nearby stores. Along with 31 stores in Canada, the retailer is closing 20 stores in the United States.




Lowe's said it will conduct store-closing sales, and that all of the affected locations are expected to close by February 1, the end of its 2018 fiscal year.

The move Monday came as Mooresville, N.C.,-based Lowe's struggles to compete with rival Home Depot.

Shares of Lowe's Companies Inc closed higher for the fifth time in the past fourteen trading sessions in NY on Monday. Lowe's is in the process of closing all 99 Orchard Supply stores - which are in California, Oregon and Florida - as well as a distribution center, by the end of the year.

"Having our operations under one roof will allow us to improve collaboration between our banners to better serve our customers", Lowe's Canada president and chief executive officer Sylvain Prud'homme said in a statement.

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