Lowe's Closing 51 Stores

08 November, 2018, 17:20 | Author: Mary Valdez
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Lowe's announced today that they will be closing 20 stores nationally and 31 stores in Canada by February 1, according to a news release.

The home improvement retailer Lowe's will be closing 51 locations in the USA and Canada, it announced Monday. Some of those closing locations are underperforming.

Another 31 stores are being shut down in Canada, Lowe's said.

The company said most employees will be offered positions at stores within 10 miles of where they had worked. The company is also in the process of converting a Rona store on Lagimodiere Boulevard into a Lowe's.

Lowe's is closing 51 North American locations, including its Gurnee store.

It's unclear how many workers are affected. Part of the modernization of Lowe's overall, Ellison says, includes hiring in supply chain, technology and engineering.

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Lowe's stock price closed at $96.82 per share on Monday, Nov. 5, up from $77.41 a year ago, a almost 25 percent increase.

"If we are truly serious about making our company better, we are obligated to take this action".

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 January 28, 2018.

To catch up, Lowe's has been working to slash costs and boost profits in recent years.

A home improvement giant in the U.S.is taking a hit. Mankato's Lowe's is the only Lowe's in Minnesota that is announced to close.

Lowe's shook up its executive suite recently, hiring a new chief information officer from Target.

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