Lowe's to close 31 stores across Canada

Sears closed its last Chicago store

Sears closed its last Chicago store

Lowe's Companies Inc. announced this morning that it will be closing 31 stores across Canada, including both its relatively new Lowe's location at Great Northern Road and Northern Avenue, and its Black Road Rona location in Sault Ste.

A list of impacted stores can be found here.

The company will wind down operations at 20 USA locations and 31 Canadian stores by the end of its 2018 fiscal year, which ends February 1, 2019.

Reuters notes that Lowe's, which operates more than 2,000 stores in North America, has been lagging behind Home Depot in sales for several years.

Only one store in Texas is closing, the location at 3500 W. Airport Fwy in Irving.

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"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. Lowe's said employees in the affected stores were notified of the closures Sunday evening.

While Lowe's is far smaller and less exposed to the presence of Amazon and other online sellers, the closures follow a wave of similar moves by traditional USA retailers in the face of greater online competition.

Under Ellison, the company has also eliminated four senior positions, while creating two new senior roles for stores and supply chain.

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".

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