Lowe's Companies Inc. announced this morning that it will be closing 31 stores across Canada, including both its relatively new Lowe's location at Great Northern Road and Northern Avenue, and its Black Road Rona location in Sault Ste.
Lowe's said the USA stores are closing immediately. Others and the Canadian stores are expected to close by February 1, the end of the company's fiscal year.
Most of the unprofitable stores are each within 10 miles of another one of its stores, Lowe's said.
"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", Marvin R. Ellison, Lowe's president and CEO, said in a news release.
LIOC also reduces fuel prices
Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel at Rs 72.95 a litre on October 5. Fuel prices have been declining since early October as oil companies factored in softening of worldwide rates.
Lowe's bought Rona, Canada's biggest home improvement chain, in 2016 for about US$2 billion, adding about 700 stores to its 40 in the country. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million. Lowe's also did away with a few high-profile positions, such as its chief operating officer and chief customer officer, and replaced them with other roles that report directly to Ellison.
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. The priority for Lowe's right now, he said, is improving basic "retail fundamentals".
In a release, the company said the locations are underperforming.
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