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Lowe's Is Closing Dozens More Stores Across The US And Canada

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Lowe's Is Closing Dozens More Stores Across The US And Canada
The home improvement retailer will close 20 stores in the U.S. and 31 in Canada.
SHOW TRANSCRIPT

Lowe's is closing more stores as it works to keep its retail business alive.

More than 50 stores will shutter — 20 in the U.S. and 31 in Canada — by Feb. 1, 2019, the end of the fiscal year. 

Lowe's says it's part of a strategic reassessment and focus on profit. The home improvement retailer says the chosen stores were underperforming locations. 

Employees at U.S. locations being closed will be given the opportunity to transfer to nearby stores. 

Lowe's has made some major changes to try to keep up with its main competitor, Home Depot. In May, Lowe's named former J.C. Penney CEO Marvin Ellison as president and CEO.

And in August, the company announced it would close all 99 Orchard Supply Hardware stores and a distribution center by the end of the fiscal year. Those stores were located in  California, Oregon and Florida.