Saturday, 17 November, 2018

Lowe’s to close 2 stores in IL, 1 in Indiana

Lowe’s closing underperforming stores Lowe’s to close dozens of underperforming stores across the US and Canada | Charlotte Observer
Elsie Buchanan | 07 November, 2018, 07:02

Nine Rona stores across Quebec are set to close as the home retailer giant announced Monday it would be culling 31 of its underperforming Lowe's and Rona stores across the country.

None of the closures are in Ohio. Ellison stated "We believe our people are the foundation of our business and essential to our future growth".

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.

In another sign of the times for retail, Lowe's is closing 51 North American stores.

Lowe's said affected USA employees will have the opportunity to transfer to similar roles in nearby locations.

Not on the list to be closed is the Lowe's at 2625 Market St.in Warren, Pa.

To provide an "an orderly wind-down", Lowe's intends to conduct store closing sales for most of the locations.

The company expects the closures to impact its stock price, from 28 to 34 cents per diluted share.

All Blacks Attend England Vs South Africa Game Unbeknownst To RFU
Farrell smashed into the South African fullback, dislodging the ball which was picked up by England and then punted out of play. South Africa coach Rassie Erasmus opted to go down the sarcasm route when asked for his opinion.


Lowe's announced that the closures were part of its ongoing strategic realignment.

The spokesperson also said that most of the 17 employees working at the Bath Road location will be absorbed into the company.

"The decision to close stores is never one that we make lightly".

Lowe's has been struggling to keep up with its larger rival Home Depot. He likes the company's "honed focus", as Lowe's cuts its losses and doubles down on improving its highest-potential stores.

Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its chief information officer.

The nearest Lowe's locations to Gurnee and Portage are each about 12 miles away.

Analysts have cheered the moves by Lowe's relatively new CEO Marvin Ellison, as many argued that a good portion of Lowe's prior underperformance stemmed from execution and self-inflicted wounds, and the Street was upbeat once again about the latest announcement.

"This is a lesson that does not want to be repeated by other retailers", McKinney said.

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