DE escapes 50-store closing move by Lowe's

DE escapes 50-store closing move by Lowe's

Lowe's plans to close 50 underperforming stores in the USA and Canada, but only one is in Texas.

Home improvement retailer Lowe's Companies Inc announced on Monday that it planned to close 31 underperforming stores in Canada and 20 stores in the United States in relation with restructuring efforts.

According to Bloomberg, the reassessment relates to a renewed focus on the business's large-format locations, with several small-format stores among those to be shuttered.

"We have reached out to the Gurnee Lowe's for more information and a potential timetable regarding their closure", Linehan said.

Lowe's expects to close the impacted stores by February 1, 2019, which is the end of the company's 2018 fiscal year. You can find a list of Lowe's closure here.

Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year (Feb. 1, 2019).


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

In a research note Monday, Credit Suisse analyst Seth Sigman said Lowe's decision is "a positive step towards improving productivity of the chain".

Lowe's stock price closed at $96.82 per share on Monday, Nov. 5, up from $77.41 a year ago, a almost 25 percent increase.

"The village of Gurnee was not aware that Lowe's was closing prior to the media announcement today", said Jack Linehan, assistant to the village administrator in Gurnee.

Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its chief information officer.

In an interview with the Charlotte Observer, Ellison said retooling inventory is one of the "retail fundamentals" that has to be addressed first.

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