Lowe's announces store closures affecting IL

Lowe’s closing underperforming stores

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

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

The company announced it will close 20 USA stores and 31 locations in Canada. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location.

Further details regarding the store closures are expected to be provided alongside the company's Q4 results in November.

Earlier in the year, Ellison outlined a plan to sharpen the brand's focus on retail fundamentals and limit any project or initiative that detracted from Lowe's core mission of being a "great omnichannel home improvement retailer".

Lowe's did say the company will try to find similar jobs at nearby stores for affected employees.

Most locations are expected to have store closing sales, except for a select few U.S. stores that will be closing immediately.

The closures will take place before February 1, 2019.

The costs were not reflected in the guidance the company provided when it released second-quarter earnings in August. Over the past 12 months, The Home Depot has outperformed Lowe's in total revenue by almost 50% ($104.32 billion to $70.51 billion), net income ($9.85 billion to $3.2 billion) and operating margin (14.5% to 8.9%).

Lowe's is closing 51 North American locations, including its Gurnee store.

Ellison has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe's stores.

Shares of Lowe's Companies Inc closed higher for the fifth time in the past fourteen trading sessions in NY on Monday. Lowe's also did away with a few high-profile positions, such as its chief operating officer and chief customer officer, and replaced them with other roles that report directly to Ellison.

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