Lowe’s Companies Inc. (NYSE: LOW) shares were relatively unchanged on Monday morning after the home improvement chain announced that it would be closing just over 50 locations in the United States and Canada to focus on its most profitable stores and improve the overall health of its store portfolio.
According to the plan, the company will close 20 U.S. stores. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of impacted stores are located within 10 miles of another Lowe’s store.
Separately, 31 Canadian stores will be closed down as well.
Lowe’s expects to close the impacted stores by the end of the company’s 2018 fiscal year in February.
Marvin R. Ellison, Lowe’s president and CEO, commented:
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. 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.
Lowe’s anticipates an impact from this move of $0.28 to $0.34 on the bottom line. The firm will update its guidance in the coming earnings report on November 20.
The list of the 20 locations in the United States:
Lowe’s of Graysville (Store #3039)
1100 Bankhead Hwy. SW
Lowe’s of Aliso Viejo (Store #1900)
26501 Aliso Creek Rd.
Aliso Viejo, 92656
Lowe’s of Irvine (Store #769)
13300 Jamboree Rd.
Lowe’s of South San Francisco (Store #2452)
720 Dubuque Ave.
South San Francisco, 94080
Lowe’s of Central San Jose (Store #2842)
750 Newhall Dr.
San Jose, 95110
Lowe’s of Orange (Store #621)
48 Boston Post Rd.
Lowe’s of Granite City (Store #3028)
1333 Schaefer Rd.
Granite City, 62040
Lowe’s of Gurnee (Store #1829)
7735 Grand Ave.
Lowe’s of Portage (Store #1778)
6221 U.S. Hwy 6
Lowe’s of E. New Orleans (Store #2690)
5770 Read Blvd.
New Orleans, 70127
Lowe’s of Quincy (Store #2267)
599 Thomas Burgin Pkwy.
Lowe’s of Burton (Store #761)
4274 E. Court St.
Lowe’s of Flint (Store #669)
2100 T.A. Mansour Blvd.
Lowe’s of Mankato (Store #2855)
2015 Bassett Dr.
Lowe’s of Bridgeton (Store #2299)
11974 Paul Mayer Ave.
Lowe’s of Florissant (Store #748)
3180 N. Hwy 67
Lowe’s of Manhattan – Upper West Side (Store #3292)
New York, 10023
Lowe’s of Manhattan – Chelsea (Store #3293)
635-641 6th Ave.
New York, 10011
Lowe’s of Shippensburg (Store #2816)
250 South Conestoga Dr.
Lowe’s of Irving (Store #1811)
3500 W. Airport Fwy.