Economy

Lowe’s is closing 51 stores in the US and Canada

Lowe’s is closing 51 stores in the US and Canada

Lowe's on Thomas Burgin Parkway in Quincy is one of 20 underperforming stores the home improvement chain announced this morning it will close by February 1 across the United States.

"In this transformation, we're going to focus on retail fundamentals first, and concurrently we're going to modernize this company from. a digital and IT perspective and from a supply chain perspective, and we're going to create a truly great company", Ellison said.

In addition to the 20 USA closings, the news release stated Lowe's will close 31 Canadian stores.

Close 20 US stores.

The closures are a part of the company's ongoing reassessment of their stores.

Close 31 Canadian stores and other locations.

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The company is also closing 20 stores in the U.S.

"While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business", Lowe's CEO Marvin Ellison, who took the helm of the company in July, said in a statement.

The company says some of the affected workers will be offered positions at other Lowe's stores. Lowe's has partnered with Hilco Merchant Services to help manage the process in the US and ensure a seamless experience for customers.

The closures include 27 mostly Rona stores in Canada, including nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia.

The company cut its sales and profit outlook for the year.