Lowe's to Close Dozens of Stories in 2019, says company

Eileen GuzmanNov 06, 2018

(NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

The two Mississauga locations closing are located at 1133 Dundas St.

It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona. Other Lowe's-owned brands include Dick's Lumber, Contractor First and Ace Hardware. During his time at Penney, the retailer closed 142 unprofitable stores. "However, following a detailed business review, we believe that this is the right path for the organization's future", Lowe's Canada's president Sylvain Prud'homme said.

Lowe's announced Monday that it will be closing 51 locations - 20 in the US and 31 in Canada - in North America over the coming months.

In Newfoundland and Labrador, the six stores slated to be closed now employ 321 people.

The company says it will give associates opportunities to transition to other stores. Employees who aren't offered a new job will be eligible for severance packages, Salazar said.

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

Sault Ste. Marie will lose both its Lowe's and Rona locations, while Sudbury is losing its Rona outlet. Most employees will be allowed to transfer to a different store in some cases, it said. That said, he's still on the sidelines, awaiting more sales progress at existing stores and monitoring the investments "required to do that".

The move Monday came as Mooresville, N.C.,-based Lowe's struggles to compete with rival Home Depot.

The company says the stores are expected to close by February.

"It's pretty bad because it's the only one in the area in RDP", he said.

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