ibusinesslines.com December 14, 2018

Rona and Lowe's stores to close in northeastern Ontario

05 November 2018, 06:26 | Kelvin Horton

Lowe’s closing underperforming stores

A Lowe's store in Hialeah Fla. on Wednesday

Lowe's Companies, Inc. announced Monday the closure of 20 stores in the US and additional closures in Canada and other locations.

Home improvement retailer Lowe's is closing more than 50 underperforming stores as part of an "ongoing strategic reassessment", the retailer announced in a statement on Monday.

It expects the stores to be shuttered by February 1, 2019.

Store closing sales will occur at most of the affected locations, with exception of select stores in the US, which the company said will close immediately.

The company says it will give associates opportunities to transition to other stores.

The closings include four California locations - Aliso Viejo, Irvine, South San Francisco and San Jose.

The company now has 68 Lowe's and 430 Rona stores in the country - part of its network of 2,390 home improvement locations across North America, including Reno-Depot, Dick's Lumber, Contractor First and Ace locations it also owns. As recently as August, Lowe's held a job fair for the store.

The company cut its sales and profit outlook for the year.

Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its new chief information officer.

"New blood in the upper ranks was clearly a catalyst for this decision, as we believe there is a greater willingness on behalf of the leadership team to examine the root causes of underperformance", Jefferies analyst Jonathan Matuszewski, said in a note.

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