List: These are all the Lowes stores that will be closing

List: These are all the Lowe\s stores that will be closing
Rona stores closing in Peterborough and Lakefield
Home improvement retail giant Lowe’s has announced it will close 31 locations — mostly under the Rona banner — in Canada.

“While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” Marvin R. Ellison, Lowe’s president and CEO, said in a statement.

Lowe’s expects to close the impacted stores by the end of the company’s 2018 fiscal year (Feb. 1, 2019). 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 U.S., which will close immediately. Lowe’s has partnered with HilcoMerchant Services to help manage the process in the U.S. and ensure a seamless experience for customers.

“We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe’s stores.”

“While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” said Marvin R. Ellison, Lowe’s president and CEO.  “We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe’s stores.”

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

It could be argued that Ellisons reluctance to close stores at J.C. Penney, where he was CEO from August 2015 to earlier this year, sealed his fate at the department store retailer. Ellison only decided in mid-2017 to close 138 J.C. Penney stores. That was after the retailers tepid holiday season — fourth quarter 2016 same-store sales fell 0.7%. It would mark his sole mass store closing plan.

Lowes closing underperforming stores

In total, there are 31 sites that are closing: two regional support centers, a truss plant, a block plant and 27 stores. Within those 27 stores there are 24 RONA stores, 1 Reno-Depot store and two Lowes locations.

Lowe’s said is expects to close the impacted stores by the end of the company’s 2018 fiscal year — Feb. 1, 2019.

BREAKING TODAY : Lowes Cos has announced it will close 51 stores by Feb. 1, 2019 in both Canada and the U.S. The North Carolina based big box retailer says closures are targetted at underperforming store locations. Here in Canada, 27 stores, two plants and two corporate offices will close at that time. It includes the Rona on Bath Rd in Kingston. Twenty stores will be locked for good down in the United States.

In addition to the 31 Canadian locations, Lowe’s is also planning to close 20 locations in the United States.

"While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business," said Marvin R. Ellison, Lowes president and CEO, in a release.

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The home improvement company said Monday in addition to closing 27 stores, it will also shutter two regional support centres in Mississauga, Ont. and St. John’s, N.L., a truss plant in St. John’s, N.L. and a block plant in Kamloops, B.C. as part of a plan to focus instead on the most profitable parts of its business.

Lowes closing up to 31 stores across Canada

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(Reuters) – Home improvement chain Lowes Companies Inc (NYSE:LOW – News) announced the closure of another 51 underperforming stores in the United States and Canada on Monday as it strives to compete with rival Home Depot Inc (NYSE:HD – News) in a slowing housing market.

Lowe’s Canada is shutting down 24 Rona stores across Canada, including in Peterborough and Lakefield.

The wind down of the Orchard Supply chain cost the company between $390 million and $475 million in write-downs. Lowes said Mondays announcement would result in charges of 28 cents per share to 34 cents per share or $300 million to $365 million in pre-tax expenses.

The closure impacts 28 employees at the store on Chemong Road in Peterborough and 12 employees at the store in Lakefield.

Several locations across Canada received the news this morning with the New Westminster store being the only one in BC to be affected.

“Lowes Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible. All impacted employees will be supported by our HR team,” states an email from the company to Global Peterborough.

Prince George will not be impacted by the 31 store closures announced by the Lowe’s group of companies.

There is no exact date for closure for the two stores, but Lowe’s Canada says all 24 locations will be closed by the end of January.