Lowe’s to close 51 underperforming stores

WASHINGTON, Nov. 5 (Xinhua) — U.S. home hardware retailer Lowe’s announced on Monday that it will close 51 stores early next year.

The North Carolina-based company said it will focus on its most profitable stores by closing 20 stores in the United States and 31 stores in Canada and other locations around Feb. 1, 2019.

The 20 U.S. stores that are about to be closed are located in 13 states, including Alabama, California, Connecticut, Illinois, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, New York, Pennsylvania and Texas.

“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,” said Marvin R. Ellison, the president and CEO of Lowe’s.

Lowe’s said that most employees at the impacted stores will have job opportunities at a nearby Lowe’s store. The company also intends to conduct store closing sales for most of the impacted stores except some stores that will be closed shortly in the United States.

Additional details regarding the financial impact of the store closings will be provided in the next quarterly earnings release on Nov. 20, said the company.

“We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe’s stores,” Ellison added.

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