Lowe’s Is Closing 51 Stores In The US And Canada

Sears closed its last Chicago store

Sears closed its last Chicago store

On Monday, the home improvement giant announced it will shutter 20 stores in the US - including two in Manhattan - and 31 stores in Canada, according to the Wall Street Journal.

Lowe's also expects to close nine stores in Ontario, six in Newfoundland, two in Labrador and one in British Columbia. Some of those retailers like Toys "R" Us, Mattress Firm and Sears have filed for bankruptcy, and have already closed hundreds of locations stores.

"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.

Nine store closures are expected across Ontario along with 31 Canadian stores that will be shutting their doors by February 1, 2019.

Lowe's said Monday the closings will help the hardware chain focus on its most profitable stores.

Lowe's opened its Soo location in 2015 after renovations were completed on the former Zellers spot.

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

To catch up, Lowe's has been working to slash costs and boost profits in recent years.

Home improvement retail giant Lowe's has announced it will close 31 stores in Canada.

The company says some of the affected workers will be offered positions at other Lowe's stores.

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

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