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Another sign of the times for the retail business, Lowe's farm 47 stores in North America.
Lowe's said Monday that these sites were underperforming and that this decision would help the hardware chain to focus on its most profitable stores.
"Store closures are a necessary step in our strategic re-evaluation as we focus on strengthening our business," said CEO Marvin Ellison in a statement.
Retail stores are struggling to adapt to the rapid rise of online shopping, especially at Amazon (AMZN). Many successful retailers with department stores have adjusted their business strategies to make better use of their physical spaces. Others, including Sears, Kmart and Toys "R" Us, have failed.
Lowe's and rival Home Depot have largely proven their ability to withstand Amazon because Amazon does not sell lumber or other heavy and bulky home improvement products.
But Lowe's is struggling to keep up with Home Depot. Last year, Home Depot's revenue reached more than $ 100 billion, while Lowe's sales were less than $ 70 billion. Lowe's stock price was also lagging behind his rival, which led to pressure from activist investors.
Earlier this year, Lowe's left the reins of a home renovation veteran to right the company. Ellison was a senior executive at The Home Depot for more than a decade, and most recently served as JCPenney's CEO (JCP).
Ellison has already made important strategic decisions, including closing all of its Orchard Supply Hardware stores and reducing inventory at its Lowe's stores.
He thinks that targeting professional home builders and construction companies with better tools and equipment, additional discounts and better customer service will improve Lowe's. Sales to homebuilding professionals account for about 45 percent of Home Depot sales, but only 30 percent of Lowe's sales, according to Wedbush Securities analysts.
Lowe's (LOW) will close 20 stores in the United States and 27 in Canada. The company said that a "majority" of the closed stores were within 15 km of another Lowe's location. In addition, four specialized offices and institutions in Canada will also be closed.
The stores will be closed before February 1, 2019. The company will attempt to find jobs in nearby stores for its employees affected by the closures.
Lowe's stated that he would close these stores:
Alabama
1100 Bankhead Hwy SW, Graysville
California
26501 Aliso Creek Rd, Aliso Viejo
13300 Jamboree Rd, Irvine
720 Dubuque Ave, South San Francisco
750 Newhall Dr, San Jose
Connecticut
48 Boston Post Rd, Orange
Illinois
1333 Schaefer Rd, Granite City
7735 Grand Ave, Gurnee
Indiana
6221 US Hwy 6, Portage
Louisiana
5770 Read Blvd, New Orleans
Massachusetts
599 Thomas Burgin Pkwy, Quincy
Michigan
4274 E Court St, Burton
2100 T.A. Mansour Blvd, Flint
Minnesota
2015 Bassett Dr, Mankato
Missouri
11974 Paul Mayer Ave, Bridgeton
3180 N Hwy 67, Florissant
New York
2008 Broadway, New York
635-641 6th Ave, New York
Pennsylvania
250 South Conestoga Dr, Shippensburg
Texas
3500 W Airport, Irving
British Columbia
(Rona) 105-1015 Columbia Street, New Westminster
Alberta
(Rona) 11520 – 24th Street SE, Calgary
(Reno-Depot) 12330 Symons Valley Road NW, Calgary
Ontario
Rona:
1133 Dundas Street West, Mississauga
1692 Lakeshore Rd, Mississauga
132 Black Road, Sault Ste. Married
943 Barry Downe Road, Sudbury
1575 Chemong Road, Peterborough
1452 Bath Road, Kingston
178 Water Street, Lakefield
Lowe & # 39; s:
6600 Yonge Street, North York
248 Northern Avenue, Sault Ste. Married
Quebec
Rona:
335 Route 209, Sainte-Clotilde-de-Chateauguay
870 Iberville Blvd., Saint-Jean-sur-Richelieu
723, boulevard L-Ange-Gardien, L'Assomption
788 Moeller Street, Grandby
134, boulevard Sainte-Rose, Laval
9200 Maurice-Duplessis Boulevard, Montreal
1200 Mantha Street, Rouyn-Noranda
194, Main Street, Guardian Angel
100, rue du Parc Industriel, Saint Elzear
Newfoundland
Rona:
825 Conception Bay Road, Conception Bay
53-59 Main Road, Goulds
1297 Topsail Road, St. John's
60 Avenue O 'Leary, St. John's
710 Torbay Road, St. John's
239 Conception Bay, Bay Roberts
Correction: A previous version of this story poorly described the number of stores that Lowe's planned to close.
Nathaniel Meyersohn has contributed to the story of this story
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