Publicado: Mar, Noviembre 06, 2018
Financiera | Por Marilu Caballero

Lowe's to Close Dozens of Stories in 2019, says company

Lowe's to Close Dozens of Stories in 2019, says company

Home improvement retail giant Lowe's has announced it will close 31 stores in Canada.

None of the US stores that are closing are in the Carolinas, according to the list posted on Lowe's website. The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

Lowe's announced Monday that it will be closing 51 locations - 20 in the USA and 31 in Canada - in North America over the coming months.

The company said they will try to transfer most employees at closing stores to other locations.

Three St. Louis area stores are among 20 Lowes Home Improvement stores that will be closing across the nation in coming months.

Tony Filato, president of Local 500 of the United Food and Commercial Workers Union, which represents many Rona employees, told CBC News that none of the nine stores closing in Quebec is unionized. It did not identify which stores those are.

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Where we're headed: Analysts were happy to hear that Lowe's will shutter lagging locations, and see it as part of a broader bullish thesis for the stock.

Lowe's is struggling to keep up with its larger rival Home Depot.

No Florida stores will be closed. In July, Lowe's received approval to move into a 110,000-square-foot space at a shopping center in Queens. So it wasn't a big surprise when the company announced the closure of 51 more locations, the majority in Canada.

The company provided a list of the closures on its website.

To catch up, Lowe's has been working to slash costs and boost profits in recent years.

A former Home Depot executive, Ellison was named CEO in May after several years at the helm of retailer J.C. Penney.

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