Lowe’s closing underperforming stores

Lowe’s closing underperforming stores

American-based home improvement retailer Lowe's has announced it is closing 31 underperforming Rona, Lowe's and other stores under its corporate banner across Canada in February, including two in Mississauga.

The stores that will close include Rona on Barrydowne Road in Sudbury, as well as a Rona and Lowe's in Sault Ste.

To facilitate an orderly wind-down, the company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the USA, which will close immediately.

The company, which operates about 1,800 USA stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some US stores that are closing immediately.

Lowe's is closing almost 50 underperforming stores across the US and Canada.

What did the Lowe's CEO say?

Lowe's is struggling to keep up with its larger rival Home Depot.

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The company is already shuttering its Orchard Supply chain of 99 stores, leading to between $390 million and $475 million in write-downs.

"Some of you may ask the question, 'If these stores are performing so poorly, why didn't the previous management team close them?' That's a great question that I can not answer", Ellison said in the memo. "I'm not saying that's a prerequisite; what I am saying is, it really helps". The company expects the closings will lower the annual earnings per share to 28 cents from 38 cents.

Founded in 1946, Lowe's has more than 2,390 stores and a year ago generated $68.6 billion in sales.

Earlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company. Sales to home building pros make up around 45% of Home Depot's sales, but only around 30% of Lowe's sales, according to analysts at Wedbush Securities.

Union representatives will be meeting with Lowe's management to discuss how best to secure jobs in the unionized stores.

Ellison has also initiated some major shakeups in the company's executive leadership ranks. Lowe's reports financial results Wednesday, Nov. 16.

Filato said that since there was a change of leadership at Lowe's in July, the company has stopped informing the union about upcoming changes.

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