Lowe's announces closure of 51 U.S. and Canadian stores

A Lowe's store in Hialeah Fla. on Wednesday

Lowe's announces closure of 51 U.S. and Canadian stores

Lowe's has announced that they are closing 20 stores in the United States and 31 in Canada.

It did say the company will try to find jobs at nearby stores for employees affected by the closings.

The impacted stores are slated to close by February 1, 2019.

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

The spokesperson also said that most of the 17 employees working at the Bath Road location will be absorbed into the company.

"The person leading our stores team until recently had never worked in a store, never ran a store and never was an associate on the sales floor", Ellison said.

The company expects the closures to impact its stock price, from 28 to 34 cents per diluted share.

Founded in 1946, Lowe's has more than 2,390 stores and previous year generated $68.6 billion in sales. Twenty U.S. stores are also be closing.

Lowe's reported revenues of $68.6 billion in its previous fiscal year, while rival Home Depot reported more than $100 billion in sales in its last fiscal year, ending on January 28, 2018.

Lowe's shook up its executive suite recently, hiring a new chief information officer from Target.

Lowe's opened the Cornwall location at 950 Brookdale Avenue in 2016 - the same year it bought competitor Rona.

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

Another "fundamental" to be addressed, Ellison said, is supply chain, an area the retailer will work to update and improve in coming months.

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