Lowe's To Shutter 51 Underperforming Stores


On Monday, the home improvement chain announced that by February 2019, 51 of its stores-20 in the United States-would permanently close their doors. "Everything will be done to ensure a smooth transition until the store is closed, including through transfers of eligible employees to other locations whenever possible", said Andrea Wong, media relations with RONA Canada. The Indiana store is in Portage.

Store closing sales are scheduled to begin Thursday at most of the affected locations, according to the company's website.

Lowe's said affected US employees will have the opportunity to transfer to similar roles in nearby locations. The majority of affected stores are located within 10 miles of another Lowe's store.

The company said the majority of impacted stores are located within 10 miles of another Lowe's store; 20 of them are in the US and 31 are in Canada.

The home improvement chain announced the news on Monday.

Across all of its brands, Lowe's now has 2,390 stores across North America, including 630 in Canada.

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Where we're headed: Analysts were happy to hear that Lowe's will shutter lagging locations, and see it as part of a broader bullish thesis for the stock.

Store closures will begin immediately with all impacted locations to close by the end of fiscal 2018.

Retail giant Lowes Set to close three stores across the St. Louis area and others around the country.

Employees will be given the opportunity to relocate to a nearby store.

The closures will reduce the company's expected annual earnings per share by 28 to 34 cents, it said.

An accompanying news release describes the 51 locations, 20 of them in the USA, as "underperforming".