Lowe’s Cos. says it will close 51 underperforming stores — 20 in the U.S. and 31 in Canada.
Most of these are within 10 miles of another Lowe’s store, the company said in an announcement today. All the targeted stores will be shut by the end of the company’s 2018 fiscal year, which ends Feb. 1, 2019, though some are to be closed immediately.
Lowe's operates in both suburban and urban areas. This store is in New York City
"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," said President and CEO Marvin R. Ellison, in the news release. A list of the affected stores is available here.
Lowe's and its related businesses operate or service some 2,400 home-improvement and hardware stores.
By Edmund Mander
Director, Editor-In-Chief/SCT