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The home improvement chain said Monday that the locations were underperforming and that this decision will help it focus on its most profitable stores and "improve the overall health of its store portfolio".
Lowe's (LOW) closes 20 stores in the United States and 31 in Canada. The company said that a "majority" of the closed stores were within 15 km of another Lowe's location.
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.
"We believe our people are the foundation of our business and are critical to our future growth," said CEO Marvin R. Ellison.
Lowe's struggles to keep up with his biggest rival, The Home Depot. Ellison, who joined the company in May, has already made important strategic decisions, including closing all of its Orchard Supply Hardware stores and reducing inventory at its Lowe's stores.
The company has reduced its sales and profit outlook for the year. His next report of results is November 20th.
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