Lowe's is closing 51 stores in the US, Canada

Wednesday, 07 Nov, 2018

The rest are Ronas, the Quebec chain that Lowe's bought in 2016.

Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20.

Lowe's opened its Soo location in 2015 after renovations were completed on the former Zellers spot.

McKinney said he anticipates other large chain retailers to consolidate and close stores.

Lowe's will offer affected employees the opportunity to transfer to similar roles at nearby stores.

"Some of you may ask the question, 'If these stores are performing so poorly, why didn't the previous management team close them?' That's a great question that I can not answer", Ellison said in the memo.

The company described the stores as underperforming.

The home improvement chain said Monday it is shutting down 20 locations in the United States and 31 in Canada.

In Newfoundland and Labrador, the six stores slated to be closed now employ 321 people.

A list of impacted stores may be found on Lowe's newsroom.

"When you get a new president in an American company who just looks at stores as dots on a map, it is problematic", he said. "Meetings were called on Sunday afternoon and Sunday evening hundreds of employees were handed severance letters".

It's unclear how many total workers are affected.

The announcement was made today (November 5) by Lowe's Companies, Inc., the US retailer that acquired RONA in 2016.

Lowe's will have store closing sales at most of the locations to get rid of inventory. "It's part of a natural pruning".

Ellison previously spent more than 12 years at Lowe's rival, Home Depot, and is the former CEO of J.C. Penney Co.

All the stores on the list are expected to be closed by the end of the company's 2018 fiscal year, which is February 1, 2019.