Lowe's to close 50 stores; just one in Texas

Customers walk toward a Lowe's store in Hialeah Fla

Lowe's issued a press release this week announcing the closure of 20 under-performing stores across the USA, including two in IL, by early February 2019.

U.S. home improvement retailer Lowe's has revealed it will wind down 51 stores across the United States and Canada as part of an "ongoing strategic reassessment". Ellison stated "We believe our people are the foundation of our business and essential to our future growth".

Lowe's and Rona stores that will be closed in Canada include locations across the country -from British Columbia and Alberta to Ontario and Quebec, and all the way east to Newfoundland.

Don't expect to see a bonanza of heavy discounts at Lowe's, despite the announcement that it's closing over 50 stores.

This summer, for instance, Lowe's announced that it was shutting down its Orchard Supply Hardware chain, which the company bought in 2013 for $205 million, in order to "focus on its core home improvement business". You can find a list of Lowe's closure here. Its two Manhattan stores will close immediately, and the inventory from those stores will be transferred to nearby locations, according to the company. Lowe's is also shutting 20 stores in the United States.

The company says most employees at those stores will be given a chance to go to other Lowes locations.

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Under Ellison a new CEO, the company has been working to improve profitability.

The company operates more than 2 000 stores in North America.

At that time, Lowe's said it expected to earn between $4.50 and $4.60 per share in the fiscal year ending February 1, 2019.

Lowe's pointed out that the financial impact of the store closing process should hit the bottom line to the tune of 28 cents to 34 cents per diluted share.

Ellison said the moves are part of a "transformation", but not a "turnaround" - like Plano, Texas, -based J.C. Penney experienced when he was the department store's chief executive for three years.

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