Lowe's closing 31 Canadian stores, 20 stores in US

Lowe's closing 31 Canadian stores, 20 stores in US

Three stores in the GTA have been marked for closure - two Rona locations in Mississauga and the Lowe's at Centrepoint Mall.

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.

Twenty stores in the United States and 31 in Canada will no longer be in service.

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

The company says it will give associates opportunities to transition to other stores. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million.

Lowe's now operates a total of 2,390 home improvement and hardware stores. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location.

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"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.

It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona.

The company cut its sales and profit outlook for the year.

Lowe's made the announcement Monday.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's. The priority for Lowe's right now, he said, is improving basic "retail fundamentals".

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