Lowe's closing 31 stores across Canada

Fredrick Soto
November 7, 2018

Lowe's now operates 2,390 home improvement and hardware stores, including 1,740 in the U.S. The majority of the Canadian stores set to close are under the Rona banner, a chain that Lowe's bought in 2016 for $2.3 billion.

The company said the "wind-down" of the underperforming stores is part of its ongoing strategic reassessment.

That includes 31 stores in Canada, although only one is in British Columbia and the vast majority are in Ontario, Quebec and Newfoundland. All of the locations will be closed by February 1, 2019.

Lowe's did not detail job losses, but said it will make every effort to find jobs for workers at nearby Lowe's stores.

"The decision to close stores is never one that we make lightly".

The locations are seen as under-performing and the company wants to focus on its most profitable operations.

Lowe's has a store on Marcus Driver that will remain open.

Lowe's said it has nearly 2,300 stores across North America.

Lowe's on Thomas Burgin Parkway in Quincy is the only store in MA impacted by the closures.

The expected financial impact of the closure plan of $0.28 to $0.34 per diluted share was not figured into the business outlook for fiscal 2018, which the company provided on August 22 when it released its second quarter earnings.

Filato said that since there was a change of leadership at Lowe's in July, the company has stopped informing the union about upcoming changes. In recent years, Lowe's has been cutting costs and working to boost profits at a time when home improvement retailers otherwise have been benefiting from the strong housing market.

Lowe's and its rival Home Depot have proven to be largely Amazon-proof, because Amazon does not sell lumber or other heavy, bulky home improvement products.

Traditional retailers have struggled to stay afloat as Amazon and other online competitors have made inroads.

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