Saturday, 17 November, 2018

Lowe's set to close 31 Canadian stores, including two in the Sault

Sears closed its last Chicago store Lowe’s closing underperforming stores
Laurie Berry | 05 November, 2018, 17:41

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

In addition to the 31 Canadian stores, Lowe's is also planning to close 20 locations in the United States. Marie, the Rona on Black Road and the Lowe's on Northern Avenue will also be shut down.

MOORESVILLE, N.C. - Lowe's Companies, Inc.

The closures are a part of the company's ongoing reassessment of their stores. Twenty of the closings are in the U.S., and California leads the way with four (San Jose, South San Francisco, Irvine, and Aliso Veijo). The majority of impacted stores are located within 10 miles of another Lowe's store.

Lowe's CEO Marvin Ellison said in a statement Monday that the company is "making every effort to transition impacted associates to nearby Lowe's stores".

Second wave of United States sanctions on Iran starts tomorrow
In contrast, with the US-EU trade wars toned down, most large EU businesses are cooperating with US sanctions against Iran. Bloomberg's Jodi Schneider reports on "Bloomberg Daybreak: Asia".

The location in Granite City, 1333 Schaefer Rd, is on the list of stores that will be shut down by February 1, 2019.

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

The expected financial impact of today's announcement of $0.28 to $0.34 per diluted share was not contemplated in the business outlook for fiscal 2018 which the company provided on August 22 when it released its second quarter earnings.

The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

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