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Lowe’s closing 31 Canadian stores and other locations, 20 stores in U.S.

Lowe’s closing 31 Canadian stores and other locations, 20 stores in U.S.
Business
Lowe’s Companies Inc is closing 20 underperforming stores in the United States and 31 stores and other locations in Canada as part of a restructuring, the home improvement retailer said on Monday.

The closures include 27 mostly Rona stores in Canada including nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia.

Lowe’s, which has trailed Home Depot in sales for years, is in the midst of a turnaround under new chief executive Marvin Ellison, who has promised to remove slow-selling products and end unsuccessful ventures.

The company is already shuttering its Orchard Supply chain of 99 stores, leading to between US$390 million and US$475 million in write-downs.

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

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

Lowe’s stores in U.S. states including New York, Texas and California and Rona outlets in Ontario, British Columbia and other Canadian provinces are being shut, Lowe’s said.

Lowe’s bought Rona, Canada’s biggest home improvement chain, in 2016 for about $2 billion, adding about 700 stores to its 40 in the country.
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