Lowe's Closing 51 Stores

Lowe's Closing 51 Stores

Lowe's Closing 51 Stores

The stores that will close include Rona on Barrydowne Road in Sudbury, as well as a Rona and Lowe's in Sault Ste.

Lowe's said is expects to close the impacted stores by the end of the company's 2018 fiscal year - February 1, 2019.

Lowe's is closing almost 50 underperforming stores across the USA and Canada.

John Greim via Getty Images Lowe's announced on Monday that it was closing some 30 stores in the USA and Canada.

Shoppers should note that the affected stores are no longer available online, and shoppers can no longer place pick-up orders for stores that are closing.

In August, Lowe's said it planned to close all Orchard Supply Hardware stores, the 99-store chain the company acquired in 2013.

Lowe's said most stores will offer major discounts prior to their closures, but some will shut down immediately. Sales to home building pros make up around 45% of Home Depot's sales, but only around 30% of Lowe's sales, according to analysts at Wedbush Securities.

Close 31 Canadian stores and other locations.

The company provided a list of the closures on its website.

David Soberman, a University of Toronto professor specializing in marketing and retail, said Lowe's 2016 acquisition of Rona Inc.in a deal valued at $3.2 billion. has likely fuelled some of the Canadian cuts.

News of the most recent closures caused Lowe's stock to increase by 48 cents to $97.29 as of this afternoon. Even in his first few months as the new CEO of Lowe's, Ellison has taken a number of steps to improve the company's financial health.

A former Home Depot executive, Ellison was named CEO in May after several years at the helm of retailer J.C. Penney.

"We are going to do whatever we can on behalf of our members to get them the most they can out of this situation", he said.

Related news