Published: Tue, November 06, 2018
Money | By Bruce West

Lowe's stores in ME escape 51 closures in US, Canada

Lowe's stores in ME escape 51 closures in US, Canada

Lowe's announced Monday that it will be closing 51 locations - 20 in the USA and 31 in Canada - in North America over the coming months.

Some U.S. stores will close immediately, though Lowe's did not immediately announce the locations.

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

"The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business", said CEO Marvin Ellison, in a statement.

It expects the stores to be shuttered by February 1, 2019. Store liquidation sales are expected to start Thursday and last about nine to 12 weeks, he said. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store. Employees who aren't offered a new job will be eligible for severance packages, Salazar said.

Lowe's Companies Inc.is reducing its Canadian footprint by closing 31 properties across the country in a bid to streamline its business. Some of those retailers like Toys "R" Us, Mattress Firm and Sears have filed for bankruptcy, and have already closed hundreds of locations stores.

In a release, the company said the locations are underperforming.

Close 20 US stores.

The home improvement chain said Monday it is shutting down 20 locations in the U.S. and 31 in Canada. The company signed a 15-year lease with Ashkenazy Acquisition Corporation for the property, replacing sections of now-closed Macy's. Its next earnings report is on November 20.

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