Lowe's shutting down two RONA store in northern Ontario, plus a Lowe's

Lowe’s closing underperforming stores

Lowe’s closing underperforming stores

Home improvement retailer Lowe's is closing more than 50 underperforming stores as part of an "ongoing strategic reassessment", the retailer announced in a statement on Monday. Twenty of the closings are in the United States, and California leads the way with four (San Jose, South San Francisco, Irvine, and Aliso Veijo).

The affected stores, with locations including New York, Texas and California, as well as British Columbia and other Canadian provinces, are expected to close before February 1, 2019. Employees at these stores will have the opportunity to move into similar roles at nearby Lowe's stores, according to the company.

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.

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Three stores in the GTA have been marked for closure - two Rona locations in Mississauga and the Lowe's at Centrepoint Mall. The priority for Lowe's right now, he said, is improving basic "retail fundamentals". Twenty U.S. stores are also be closing. In July, Lowe's received approval to move into a 110,000-square-foot space at a shopping center in Queens.

The company cut its sales and profit outlook for the year.

The closures will reduce the company's expected annual earnings per share by 28 to 34 cents, it said. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20.

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