Wednesday, 20 February, 2019


Lowe's closing 31 Canadian stores and other locations

A Lowe's store in Hialeah Fla. on Wednesday Lowe's closing 31 Canadian stores and other locations
Conrad Doyle | 05 November, 2018, 18:30

In addition to the 31 locations the brand is closing in Canada, it will also axe 20 stores in the U.S.

The company says some of the affected workers will be offered positions at other Lowe's stores.

Lowe's stores in US states including New York, Texas and California and Rona outlets in Ontario, British Columbia and other Canadian provinces are being shut, Lowe's said. None of the US stores to close are in the Carolinas, according to the list posted on Lowe's website. The retailer will attempt to relocate employees to nearby stores.

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. Lowe's said Monday's announcement would result in charges of 28 cents per share to 34 cents per share or $300 million to $365 million in pre-tax expenses. 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.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's.

"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 priority for Lowe's right now, he said, is improving basic "retail fundamentals".

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