Published: Mon, November 05, 2018
Money | By Ethel Goodwin

Lowe’s closing underperforming stores, including 1 in MA

Lowe’s closing underperforming stores, including 1 in MA

Home improvement chain Lowe's announced Monday it is closing 51 locations in the US and Canada, including four in California.

In August, Lowe's said it planned to close all Orchard Supply Hardware stores, the 99-store chain the company acquired in 2013.

The chain also intends to close 20 stores in the United States.

Lowe's will offer affected employees the opportunity to transfer to similar roles at nearby stores.

Lowe's said is expects to close the impacted stores by the end of the company's 2018 fiscal year - February 1, 2019.

Close 20 US stores.

Most locations will have store closing sales, with the exception of select stores in the USA that are set to close immediately.

Sylvain Prud'homme, chief executive of Lowe's Canada, did not say how many employees would be affected by the closures, but said the changes will allow the company to improve collaboration between its banners to better serve customers.

Most stores will jump into closing sales in the near future, while a few select American locations will simply close immediately. The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

Lowe's maintains more than 2,000 stores in North America. The company signed a 15-year lease with Ashkenazy Acquisition Corporation for the property, replacing sections of now-closed Macy's.

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