Lowe’s Cos. (NYSE:LOW) has announced that it will close 51 underperforming store locations by February 1, 2019 in Canada and the U.S. as part of the hardware store chain’s efforts to restructure its business operations.
The North Carolina-based retailer said it will close 27 stores, two plants and two corporate locations in Canada. In all, 20 stores will be shut down in the U.S. The U.S. big box retailer acquired Quebec-based Rona Inc. (TSX: RON) in 2016. The company said some Rona stores will also be closed in Canada early next year.
"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, Lowe's President, in a news release.
Lowe’s and Rona stores that will be closed in Canada include locations across the country –from British Columbia and Alberta to Ontario and Quebec, and all the way east to Newfoundland. The most store closures will occur in Ontario, including in cities such as Sault Ste. Marie, Sudbury, Peterborough and Kingston.
