Lowe's Companies, Inc. announced Monday the closure of 20 stores in the US and additional closures in Canada and other locations. Lowe's said employees in the affected stores were notified of the closures Sunday evening.
To facilitate an orderly wind-down, the company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the US, which will close immediately.
The Mooresville, North Carolina-based company said most employees at the affected stores, which are located within 10 miles of one another, will have opportunities to "transition to a similar role" at a nearby Lowe's location.
In addition to the 20 USA closings, the news release stated Lowe's will close 31 Canadian stores.
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Close 20 US stores.
Lowe's says it expects to close the impacted stores by the end of the company's 2018 financial year, February 1, 2019. Even in his first few months as the new CEO of Lowe's, Ellison has taken a number of steps to improve the company's financial health. Lowe's is in the process of closing all 99 Orchard Supply stores - which are in California, Oregon and Florida - as well as a distribution center, by the end of the year.
Lowe's also plans to close its regional support centres in Mississauga, Ont., and St. John's, N.L., as well as a truss plant in St. John's, N.L., and a block plant in Kamloops, B.C. Lowe's has partnered with Hilco Merchant Services to help manage the process in the US and ensure a seamless experience for customers.
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