Lowe's to close 31 stores across Canada

Lowe's to close 31 stores across Canada

Lowe's to close 31 stores across Canada

Lowe's maintains more than 2,000 stores in North America.

The company announced that most of the stores, with a few exceptions of stores closing immediately, will hold closing sales to clear out inventory. The majority of impacted stores are located within 10 miles of another Lowe's store.

The stores are expected to close before February 1, 2019.

Lowe's Canadian business is based in Boucherville, Que. and has more than 630 corporate and independent affiliate dealer stores.

Ellison assumed his position in July, according to The Wall Street Journal.

The move Monday came as Mooresville, N.C.,-based Lowe's struggles to compete with rival Home Depot.

Canadian home improvement retailer RONA will be closing its stores in Peterborough and Lakefield. In August, the company announced plans to close all 99 locations of California, Florida and OR regional chain Orchard Supply Hardware, which it bought in 2014, according to WSJ.

He also criticized the fact that some executives in charge of operations prior to him coming on board didn't have a background in the industry. Lowe's said employees in the affected stores were notified of the closures Sunday evening. "I'm not saying that's a prerequisite; what I am saying is, it really helps".

The store closures are expected to reduce the company's annual earnings by 28 to 34 cents per diluted share, Lowe's said.

Earlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company.

Lowe's made the announcement Monday.

Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its new chief information officer. The priority for Lowe's right now, he said, is improving basic "retail fundamentals".

Lowe's and its related businesses operate or service almost 2,400 locations and employ more than 310,000 people.

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