Lowe’s Companies Inc. is preparing to close up to 31 stores across Canada. The company also announced another 20 stores will be closing down in the United States.
The North Carolina business said in a statement that this move is “the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment”.
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Lowe’s will now “focus on its most profitable stores and improve the overall health of its store portfolio” and:
- Close 20 U.S. stores. Most associates at these stores 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.
- Close 31 Canadian stores and other locations.
“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.
Lowe’s expects to close the impacted stores by the end of the company’s 2018 fiscal year (February 1st, 2019).
To aid store closures, 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.
The Canadian stores affected by this announcement includes the Rona located at 105-1015 Columbia Street in New Westminster.
To see the full list of Canadian stores that will be closing, click here.
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