Lowe's is closing 51 of its home improvement stores, including 30 in Canada, the company said Monday.
For the Canadian locations, Lowe's said it will conduct store-closing sales, and that all of the affected Canadian locations are expected to close by February 1, the end of its 2018 fiscal year.
Based in Boucherville, Que., Lowe's Canadian business has more than 630 corporate and independent affiliate dealer stores.
Lowe's also plans to close its regional support centres in Mississauga, Ont., and St. John's, N.L., as well as a truss plant in St. John's, N.L., and a block plant in Kamloops, B.C. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.
Lowe's also expects to close nine stores in Ontario, six in Newfoundland, two in Labrador and one in British Columbia.
Lowe's will have store closing sales at most of the locations to get rid of inventory.
"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", Lowe's CEO Marvin Ellison, who took the helm of the company in July, said in a statement.
The U.S. retailer acquired Rona Inc.in Canada in 2016 in a deal valued at $3.2 billion.
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