Friday, 16 November, 2018

Lowe's closing 31 Canadian properties, 20 stores in US amid restructuring

Customers walk toward a Lowe's store in Hialeah Fla Customers walk toward a Lowe's store in Hialeah Fla
Orlando Vargas | 05 November, 2018, 18:26

Lowe's is closing 51 of its home improvement stores, including 30 in Canada, the company said Monday.

A list of impacted stores may be found on Lowe's newsroom.

Lowe's will have store closing sales at most of the locations to get rid of inventory.

The stores off Corunna Road in Flint Township and Court Street in Burton are among twenty underperforming locations across the USA being shut down.

The U.S. retailer acquired Rona Inc.in Canada in 2016 in a deal valued at $3.2 billion.

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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. The majority of impacted stores are located within 10 miles of another Lowe's store.

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.

This summer, for instance, Lowe's announced that it's shutting down its Orchard Supply Hardware chain, which the company bought in 2013 for $205 million, in order "focus on its core home improvement business".

Lowe's Canadian business is based in Boucherville, Que. and has more than 630 corporate and independent affiliate dealer stores.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's. The priority for Lowe's right now, he said, is improving basic "retail fundamentals".

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