Lowe's closing 31 Canadian stores and other locations, 20 stores in US

Lowe’s closing underperforming stores

Lowe’s closing underperforming stores

Lowe's said employees in the affected stores were notified of the closures Sunday evening.

In addition to the 31 Canadian stores, Lowe's is also planning to close 20 locations in the United States.

"Everything will be done to ensure a smooth transition until the stores are closed, and Lowe's Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible", Prud'homme said in a statement.

In addition to the 20 USA closings, the news release stated Lowe's will close 31 Canadian stores.

Lowe's says it expects to close the impacted stores by the end of the company's 2018 financial year, February 1, 2019.

Lowe's on Thomas Burgin Parkway in Quincy is the only store in MA impacted by the closures.

Close 20 USA stores.

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.

The company cut its sales and profit outlook for the year. Even in his first few months as the new CEO of Lowe's, Ellison has taken a number of steps to improve the company's financial health.

Lowe's made the announcement Monday. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's.

In a release, the company said the locations are underperforming.

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