Lowe’s to shut 51 underperforming stores in the US and Canada

https://www.cnbc.com/2018/11/05/lowes-to-shut-underperforming-stores-in-the-us-and-canada.html


Home improvement retailer Lowe’s is closing 20 underperforming stores in the United States and 31 in Canada as part of a restructuring, the home improvement retailer said on Monday.
Lowe’s, which has trailed Home Depot in sales for years, is in the midst of a turnaround under new Chief Executive Officer Marvin Ellison, who has promised to remove slow-selling products and end unsuccessful ventures.
The company is already shuttering its Orchard Supply chain of 99 stores, leading to between $390 million and $475 million in write-downs.
Lowe’s, which operates over 2,000 stores in North America, said the latest store closures would be complete by February.