Home improvement and appliance retailer Lowe’s Companies is planning to close 51 underperforming stores in the US and Canada as part of its ongoing strategic reassessment.
The company has made the decision in a move to focus on profitable stores, as well as enhance the growth of its store portfolio.
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In the US, 20 stores will be closed that are located across Alabama, California, Connecticut, Illinois, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, New York, Pennsylvania, and Texas.
The closure also covers 31 underperforming stores in British Columbia, Alberta, Ontario, Québec and Newfoundland, Canada.
Lowe’s expects to complete the closure process by 1 February 2019. Employees working at the impacted locations will be offered similar role at a nearby Lowe’s store.
Lowe’s president and CEO Marvin R. Ellison said: “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.
“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.”
In addition, the home improvement retailer is planning to close or consolidate four non-store facilities.
Lowe’s has roped in independent financial services company Hilco Merchant Services to assist it in managing the process in the US.
The retailer will also conduct store closing sales for select impacted locations in the US to facilitate an orderly wind-down.
It currently operates more than 2,390 home improvement and hardware stores and employs 310,000 people.
