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Lowe's to close underperforming stores in US, Canada
05 November 2018, 06:27 | Austin Hogan
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Based in Boucherville, Que., Lowe's Canadian business has more than 630 corporate and independent affiliate dealer stores.
There are also signs that Americans are spending less on housing as prices and demand peak after a seven-year homebuilding spree, although numerous factors underlying the industry's health remain in place. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment. Lowe's has partnered with Hilco Merchant Services to help manage the process in the US and ensure a seamless experience for customers.
New Chief Executive Officer Marvin Ellison began a restructuring after taking over in July and has said he was reviewing its real estate portfolio, promising to remove slow-selling products and end unsuccessful ventures.
The list of other USA stores closing include locations in Alabama, California, Connecticut, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, New York, Pennsylvania and Texas. The retailer will attempt to relocate employees to nearby stores.
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This summer, for instance, Lowe's announced that it's shutting down its Orchard Supply Hardware chain, which the company bought in 2013 for $205 million, in order "focus on its core home improvement business".
The affected stores, with locations including New York, Texas and California, as well as British Columbia and other Canadian provinces, are expected to close before February 1, 2019.
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