Lowe’s closing underperforming stores
Lowe’s revealed this morning that it will close 47 stores in the United States and Canada as part of its strategic reorganization plan.
The Moorseville, N.C.-based retailer said the stores are “underperforming” and the company will focus on its most profitable stores and improve the overall health of its store portfolio.
In the United States, Lowe’s said that most of the stores designated for closing are located within 10 miles of other Lowe’s stores. The company also said that employees will have the opportunity to transfer to another Lowe’s location.
"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 Ellison, Lowe's president and CEO. "We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe's stores."
Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year on Feb. 1, 2019.
The retailer said it plans to conduct store closing sales for most of the impacted locations with the exception of select stores in the U.S., which will close immediately. Lowe's has partnered with Hilco Merchant Services to help manage the process in the U.S. and ensure a seamless experience for customers.
Inside Lowe's store in Manhattan.
Lowe's has listed the stores set to close on its "Open House" newsroom. Among the closings are both of Lowe's locations in Manhattan. In addition to the 47 stores, another 4 non-store facilities will close or be consolidated.
This past August, Lowe’s announced that it was closing all 99 of its Orchard Supply Hardware stores, primarily located in California with some locations in Oregon and Florida.
The Moorseville, N.C.-based retailer said the stores are “underperforming” and the company will focus on its most profitable stores and improve the overall health of its store portfolio.
In the United States, Lowe’s said that most of the stores designated for closing are located within 10 miles of other Lowe’s stores. The company also said that employees will have the opportunity to transfer to another Lowe’s location.
"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 Ellison, Lowe's president and CEO. "We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe's stores."
Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year on Feb. 1, 2019.
The retailer said it plans to conduct store closing sales for most of the impacted locations with the exception of select stores in the U.S., which will close immediately. Lowe's has partnered with Hilco Merchant Services to help manage the process in the U.S. and ensure a seamless experience for customers.
Inside Lowe's store in Manhattan.Lowe's has listed the stores set to close on its "Open House" newsroom. Among the closings are both of Lowe's locations in Manhattan. In addition to the 47 stores, another 4 non-store facilities will close or be consolidated.
This past August, Lowe’s announced that it was closing all 99 of its Orchard Supply Hardware stores, primarily located in California with some locations in Oregon and Florida.