Home improvement retailer Lowe's announced Monday it will close underperforming stores in the US and Canada as part of a reorganization. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location.
To facilitate an orderly wind-down, the company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the USA, which will close immediately.
Lowe's, which operates over 2,000 stores in North America, said the latest store closures would be complete by February.
Twenty stores in the United States and 31 in Canada will no longer be in service.
Lowe's CEO Marvin Ellison said in a statement Monday that the company is "making every effort to transition impacted associates to nearby Lowe's stores".
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Despite a strong housing market that's benefited the home-improvement retail industry, Lowe's has still trailed its larger competitor, Atlanta-based Home Depot.
The expected financial impact of today's announcement of $0.28 to $0.34 per diluted share was not contemplated in the business outlook for fiscal 2018 which the company provided on August 22 when it released its second quarter earnings. Its next earnings report is on November 20.
Ellison has also initiated some major shakeups in the company's executive leadership ranks.
Lowe's also plans to close its regional support centres in Mississauga, Ont., and St. John's, N.L., as well as a truss plant in St. John's, N.L., and a block plant in Kamloops, B.C.