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05 November 2018, 06:25 | Joann Bryant
Lowe’s closing underperforming stores
Lowe's said Monday it is shuttering 51 under-performing stores in the USA and Canada, though the company is tempering the news a bit: Most of the stores on the list are within 10 miles of another Lowe's, reports CNN.
In another sign of the times for retail, Lowe's is closing 51 North American stores.
It expects the stores to be shuttered by February 1, 2019.
Buffetted in recent quarters by the impact of a long winter in North America, Lowe's has been striving to find ways to catch up with the long-time sector leader Home Depot, whose stores on average generate nearly twice as much in sales.
"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", Marvin R. Ellison, Lowe's president and CEO, said in a statement. None of the USA stores to close are in the Carolinas, according to the list posted on Lowe's website.
Lowe's is closing 51 underperforming stores across the USA and Canada. The retailer will attempt to relocate employees to nearby stores.
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.
To catch up, Lowe's has been working to slash costs and boost profits in recent years.
Lowe's made the announcement Monday.
Under Ellison, the company has also eliminated four senior positions, while creating two new senior roles for stores and supply chain.
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.
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