Lowe’s says they will close 20 underperforming U.S. stores, as well as 31 Canadian stores and other locations as part of what officials call their “strategic reassessment”. The company plans to focus on its most profitable stores in an attempt to improve the overall health of its store portfolio.
“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.”
The Orange store, located at 48 Boston Post Road, is the only Connecticut store on the closure list. All other Connecticut locations will remain open.
Lowe’s expects to close the underperforming stores by February 1, 2019.