Published: Mon, November 05, 2018
Money | By Armando Alvarado

Lowe's shuts 51 stores in US and Canada

Lowe's shuts 51 stores in US and Canada

The Mooresville-based home improvement retailer announced early Monday that it will shut down 20 stores in the US and 31 in Canada in an effort to "focus on its most profitable stores and improve the overall health of its store portfolio".

Lowe's on Thomas Burgin Parkway in Quincy is the only store in MA impacted by the closures.

The company, which operates about 1,800 US stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some USA stores that are closing immediately.

The closures follow the shuttering of the company's Orchard Supply Hardware chain of 99 stores along with a slashing of inventory at other Lowe's locations.

In addition to the 31 locations the brand is closing in Canada, it will also axe 20 stores in the U.S.

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The majority of the US stores to close are within 10 miles of other Lowe's stores, the company said, so affected employees will have the opportunity to transfer to similar roles in nearby locations.

The U.S. retailer acquired Rona Inc.in Canada in 2016 in a deal valued at $3.2 billion.

He said the company has also been facing fierce competition from fellow home improvement businesses Home Depot Inc. and Canadian Tire Inc. and to some extent, Costco Wholesale Corp. and Walmart Inc., which are "extremely powerful" and stock some home and garden products. Lowe's reports financial results Wednesday, Nov. 16.

Lowe's made the announcement Monday.

In a release, the company said the locations are underperforming.

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