Lowe's is closing 51 stores in the US, Canada

Lowe's is closing 51 stores in the US, Canada

Lowe's is closing 51 stores in the US, Canada

Lowe's announced Monday it would close 20 under-performing USA stores, and 31 more in Canada.

None of the USA stores that are closing are in the Carolinas, according to the list posted on Lowe's website.

In addition to the 20 USA closings, the news release stated Lowe's will close 31 Canadian stores.

The closures follow the shuttering of the company's Orchard Supply Hardware chain of 99 stores along with a slashing of inventory at other Lowe's locations.

Lowe's operates almost 2,400 stores in the United States and Canada.

Calling them "underperforming" locations, Lowe's is closing 51 stores in North America. It did not identify which stores those are.

In a research note Monday, Credit Suisse analyst Seth Sigman said Lowe's decision is "a positive step towards improving productivity of the chain".

The move Monday came as Mooresville, N.C.,-based Lowe's struggles to compete with rival Home Depot. Last year, Home Depot's revenue hit more than $100 billion, while Lowe's sales were below $70 billion. As recently as August, Lowe's held a job fair for the store.

The company says the stores are expected to close by February. He likes Ellison's willingness to act quickly, and while we'll get more details at the company's investor day next month, he believes that Lowe's multiyear turnaround is "still in the early innings".

Lowe's Companies Inc.is reducing its Canadian footprint by closing 31 properties across the country in a bid to streamline its business. In August, the company announced plans to close all 99 locations of California, Florida and OR regional chain Orchard Supply Hardware, which it bought in 2014, according to WSJ.

"This is a lesson that does not want to be repeated by other retailers", McKinney said.

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