Lowe’s Announces Plans to Close 51 Stores, Including 4 in California

Lowe’s closing underperforming stores

The Mooresville-based home improvement retailer announced early Monday that it will shut down 20 stores in the USA and 31 in Canada in an effort to "focus on its most profitable stores and improve the overall health of its store portfolio".

Lowe's is closing 51 underperforming stores across the US and Canada.

In a release, the company said the locations are underperforming.

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

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Only one store in Texas is closing, the location at 3500 W. Airport Fwy in Irving. There are two stores in Dallas that are less than 10 miles away on Chalk Hill Road and Lemmon Ave.

To facilitate an orderly wind-down, the company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the US, which will close immediately.

The company will wind down operations at 20 US locations and 31 Canadian stores by the end of its 2018 fiscal year, which ends February 1, 2019.

Lowe's stores in US states including New York, Texas and California and Rona outlets in Ontario, British Columbia and other Canadian provinces are being shut, Lowe's said. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20. The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

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