Lowe’s closing underperforming stores

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The retailer announced it will close 20 stores in the United States and 31 in Canada.

Nine store closures are expected across Ontario along with 31 Canadian stores that will be shutting their doors by February 1, 2019.

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

The U.S. retailer acquired Rona Inc.in Canada in 2016 in a deal valued at $3.2 billion.

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Employees at the stores will be provided opportunities to transition to similar roles at another Lowe's store nearby.

Other RONA stores are located in the Kawarthas in Lindsay, Port Hope, Cobourg, and Campbellford. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

The list of other US stores closing include locations in Alabama, California, Connecticut, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, New York, Pennsylvania and Texas.

The company expects the closures to impact its stock price, from 28 to 34 cents per diluted share.

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The company is already shuttering its Orchard Supply chain of 99 stores, leading to between $390 million and $475 million in write-downs.

The company did not say how many of its workers will be affected by the closings.

Ellison previously spent more than 12 years at Lowe's rival, Home Depot, and is the former CEO of J.C. Penney Co. Lowe's reports financial results Wednesday, Nov. 16.

Lowe's and its related businesses operate or service almost 2,400 locations and employ more than 310,000 people.

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