Lowe’s is Closing 51 Stores in North America

Sears closed its last Chicago store

Lowe’s is Closing 51 Stores in North America

Nine store closures are expected across Ontario, including one in Sudbury. It will also close 20 "underperforming" stores in the U.S. Marie, the Rona on Black Road and the Lowe's on Northern Avenue will also be shut down.

David Soberman, a University of Toronto professor specializing in marketing and retail, said Lowe's 2016 acquisition of Rona Inc.in a deal valued at $3.2 billion. has likely fuelled some of the Canadian cuts.

"The decision was informed by the strategic reassessment work we have been doing over the last few months".

Lowe's (LOW) is shutting down 20 stores in the USA and 31 in Canada.

North Carolina-based Lowe's said the majority of stores impacted are located within 10 miles of another Lowe's, and that most employees "will be extended opportunities to transition to a similar role" at a nearby store. The retailer will attempt to relocate employees to nearby stores.

In addition to the 20 US closings, the news release stated Lowe's will close 31 Canadian stores.

In a release, the company states most of the impacted stores are within 16 kilometres of another Lowe's store. Lowe's has partnered with Hilco Merchant Services to help manage the process in the USA and ensure a seamless experience for customers.

The company cut its sales and profit outlook for the year. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release 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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