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Home improvement retailer Lowe's announced Monday the closing of 51 underperforming sites, including two stores in the Chicago area.
The stores located in the northern suburbs of Gurnee and Portage, in the Indian state, are among the 20 states in the United States where Lowe's is expected to cease operations by February, while the North Carolina-based chain is focused on its most profitable locations.
Lowe's also announced the closing of 31 stores across Canada, most under the Rona Retail banner.
"While decisions that affect our associates are never easy, store closures are a necessary part of our strategic re-evaluation as we focus on strengthening our business," Marvin Ellison said in a statement on Monday. President and CEO of Lowe. "We believe our people are the foundation of our business and are critical to our future growth, and we are making every effort to transition affected associates to nearby Lowe's stores."
A former Home Depot executive, Ellison was named CEO in May after several years at the helm of retailer J.C. Penney.
In addition to the Gurnee and Portage sites, Lowe's is closing its store in Granite City, near St. Louis.
The nearest sites of Lowe, Gurnee and Portage are about 20 km away.
Store closure sales are expected to begin Thursday in most affected locations, including Gurnee and Portage. Hilco Merchant Services of Northbrook will be involved in the management of the store closure process.
The company said it would provide more details on the impact of the store closures when publishing its third quarter results on Nov. 20.
In August, Lowe's announced it would close the Californian chain Orchard Supply Hardware, a Sears spin-off from the Chapter 11 bankruptcy five years ago. The chain, which has 99 stores in California, Oregon and Florida, should also dissolve by February.
Founded in 1946, Lowe's has more than 2,390 stores and generated $ 68.6 billion in sales last year.
Twitter @RobertChannick
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