Lowe’s closing underperforming stores, including 1 in MA

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Nine store closures are expected across Ontario, including one in Sudbury.

The stores will be closed before February 1, 2019.

Lowe's now operates a total of 2,390 home improvement and hardware stores. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

"In this transformation, we're going to focus on retail fundamentals first, and concurrently we're going to modernize this company from. a digital and IT perspective and from a supply chain perspective, and we're going to create a truly great company", Ellison said. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store.

Only one store in Texas is closing, the location at 3500 W. Airport Fwy in Irving.

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Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year (Feb. 1, 2019).

Three stores in the GTA have been marked for closure - two Rona locations in Mississauga and the Lowe's at Centrepoint Mall.

The company announced that most of the stores, with a few exceptions of stores closing immediately, will hold closing sales to clear out inventory.

Lowe's CEO Marvin Ellison said in a statement Monday that the company is "making every effort to transition impacted associates to nearby Lowe's stores".

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

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