Published: Mon, November 05, 2018
Economy | By

Lowe's to shut 51 underperforming stores in US, Canada

Lowe's to shut 51 underperforming stores in US, Canada

Home improvement retailer Lowe's announced Monday it will close underperforming stores in the US and Canada as part of a reorganization. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

In addition to the 20 US closings, the news release stated Lowe's will close 31 Canadian stores. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million. Lowe's said employees in the affected stores were notified of the closures Sunday evening. "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". There are two stores in Dallas that are less than 10 miles away on Chalk Hill Road and Lemmon Ave.

Only one store in Texas is closing, the location at 3500 W. Airport Fwy in Irving.

Lowe's said the US stores are closing immediately.

The company says some of the affected workers will be offered positions at other Lowe's stores.

Hilco Merchant Services has partnered with the retailer to help manage the process in the U.S. Its next earnings report is on November 20.

The location in Granite City, 1333 Schaefer Rd, is on the list of stores that will be shut down by February 1, 2019.

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