Lowe’s to Close 20 Underperforming Stores in U.S., 31 in Canada
MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has unveiled its plans to close 20 underperforming stores in the United States as part of its ongoing strategic reassessment. Additionally, the company will close 31 Canadian stores.
The Mooresville-based home improvement retailer stated that most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of affected stores are located within 10 miles of another Lowe’s store.
Lowe’s expects to close the impacted stores by Feb. 1, 2019, which is the end of the company’s 2018 fiscal year. The list of the closed stores can be found here.
The company intends to conduct store-closing sales for most of the impacted locations, with the exception of select stores in the U.S. that will close immediately.
“The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” says Marvin Ellison, president and CEO of Lowe’s.
Previously the CEO of J.C. Penney, Ellison was appointed over the summer to lead Lowe’s, taking over for Robert Niblock. Shortly after the hire, Lowe’s announced plans to close all 99 Orchard Supply Hardware stores, as well as a distribution center in California.
Lowe’s reported revenues of $68.6 billion in its previous fiscal year, while rival Home Depot reported more than $100 billion in sales in its last fiscal year, ending on Jan. 28, 2018.
Founded in 1946, Lowe’s is a Fortune 50 home improvement company serving more than 18 million customers a week in North America. Lowe’s and its related businesses operate or service more than 2,390 home improvement and hardware stores and employ over 310,000 people.
Lowe’s stock price closed at $96.82 per share on Monday, Nov. 5, up from $77.41 a year ago, a nearly 25 percent increase.
— John Nelson