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

List: These are all the Lowe\s stores that will be closing
Lowes to close nine mostly RONA stores in Ontario
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.

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.

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“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.”

That is investors want to see closures of underperforming physical stores in the age of digital shopping on Amazon, and will reward you with a higher stock price pretty quickly for pulling the trigger. Lowes said Monday it will shutter 51 lagging stores, including 20 in the U.S. and 31 in Canada. The stores span across 13 states in the U.S. and five regions in Canada.

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

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.

The one thing I did not do as chairman and CEO was grow the stock price and generate wealth for you and the associates and shareholders, Ellison told J.C. Penney employees in a video in May.

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

Up until that point, Ellison believed having more stores provided a strategic advantage to the company around people buying products online and picking them up in stores.

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“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.

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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.

Lowe's Companies Inc. announced this morning that it will be closing 31 stores across Canada, but none of the Barrie-area locations are affected.

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

Nine store closures, including seven RONA locations, are expected across Ontario, including Mississauga (2), Sault Ste. Marie (2), Sudbury, Peterborough, Kingston, Lakefield and North York. 

The closures are expected to be completed by February, says the company. It will also close 20 'under-performing' stores in the U.S.

************************* MOORESVILLE, N.C. – Lowe’s Companies, Inc. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment. To focus on its most profitable stores and improve the overall health of its store portfolio, the company will:

“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.”

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.

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 Aug. 22 when it released its second quarter earnings. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on Nov. 20.