Lowe's to close 31 stores across Canada

Roman Schwartz
November 5, 2018

"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.

The company says the closings are part of the company's strategic reassessment.

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

"Everything will be done to ensure a smooth transition until the stores are closed, and Lowe's Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible", Prud'homme said in a statement. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store.

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The company, which operates about 1,800 US stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some USA stores that are closing immediately. The stores are expected to close for good by February 1.

In addition to the 31 Canadian stores, Lowe's is also planning to close 20 locations in the United States.

The U.S. retailer acquired Rona Inc.in Canada in 2016 in a deal valued at $3.2 billion. The majority of impacted stores are located within 10 miles of another Lowe's store. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20.

Two Rona stores and one Lowe's store will close in northeastern Ontario.

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