November 7, 2018
Lowe’s Companies, Inc. plans to shutter 51 underperforming stores as part of its ongoing strategic reassessment. The Moorseville, NC-based home improvement company will close 20 U.S. stores, as well as 31 Canadian stores and other locations before February. These locations represent just 2% of total store count.
“While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” said Marvin R. Ellison, Lowe’s president and CEO. “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.”
Lowe’s says it will focus on its most profitable stores, and improve the overall health of its store portfolio. Most associates at the stores closing will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of impacted stores are located within 10 miles of another Lowe’s store.
The company intends to conduct store closing sales for most of the impacted locations, with the exception of select stores in the U.S., which will close immediately.
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