Lowe's announced early Monday morning the closing of 20 under performing stores throughout the U.S.as part of the company's "ongoing strategic reassessment". Nineteen other stores in the USA and 31 in Canada will also shutter their doors.
Closing sales at affected stores are scheduled to begin this Thursday, November 8, the company said, with final closure dates before February 1 of next year.
Lowe's did not detail job losses, but said it will make every effort to find jobs for workers at nearby Lowe's stores. During his time at Penney, the retailer closed 142 unprofitable stores.
Lowe's (LOW) will shut down 20 stores in the United States and 31 in Canada. Lowe's said Monday's announcement would result in charges of $0.28 to $0.34 or $300 million to $365 million in pre-tax expenses.
Across all of its brands, Lowe's now has 2,390 stores across North America, including 630 in Canada.More news: Idris Elba, People's Sexiest Man Alive, Wants You to Vote
News of the most recent closures caused Lowe's stock to increase by 48 cents to $97.29 as of this afternoon.
A list of impacted stores may be found on Lowe's newsroom.
MOORESVILLE, N.C. - Lowe's Companies, Inc.
Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its chief information officer.
"This is a lesson that does not want to be repeated by other retailers", McKinney said.
The company signed a 15-year lease with Ashkenazy Acquisition Corporation for the property, replacing sections of now-closed Macy's.