Lowe’s Companies Inc is closing 20 underperforming stores in the United States and 31 in Canada as part of a restructuring, the home improvement retailer said on Monday.
Lowe’s, which has trailed Home Depot in sales for years, is in the midst of a turnaround under new Chief Executive Officer Marvin Ellison, who has promised to remove slow-selling products and end unsuccessful ventures.
The company is already shuttering its Orchard Supply chain of 99 stores, leading to between $390 million and $475 million in write-downs.
Lowe’s, which operates over 2,000 stores in North America, said the latest store closures would be complete by February.
“The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” Ellison said in a statement.
Lowe’s stores in U.S. states including New York, Texas and California and Rona outlets in Ontario, British Columbia and other Canadian provinces are being shut, Lowe’s said.
Lowe’s bought Rona, Canada’s biggest home improvement chain, in 2016 for about $2 billion, adding about 700 stores to its 40 in the country.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty and Sai Sachin Ravikumar
Spider-Man scales Manhattan Bridge — as NYPD corner protesters on the structure: report
Protesters on the Manhattan Bridge in New York City were greeted by a fascinating sight as a person wearing a Spiderman costume climbed the structure.
Tense situation in Manhattan - we’re at the Manhattan bridge where it crosses into Brooklyn. Police are blocking protesters from crossing into Manhattan. Protesters are chanting: let us through. Curfew went into effect at 8pmET https://t.co/PMDkll0RG0
— David Begnaud (@DavidBegnaud) June 3, 2020
‘No idea’: Defense Secretary claims he didn’t know White House was going to forcibly disperse protesters
On Tuesday, NBC News held an interview with Secretary of Defense Mark Esper, who denied advance knowledge of the White House's actions against peaceful protesters the day before.
"I thought I was going to do two things: to see some damage and to talk to the troops," said Esper. "I didn't know where I was going. I wanted to see how much damage actually happened." He said he believed they were only going to observe the damage to the bathroom in Lafayette Square, which had been vandalized.
Fox News ‘wants to scare white people’ by pushing ‘a disinfo campaign from white nationalists’: report
Fox News was blasted by one of the network's former reporters for running a disinformation campaign from "white nationalists" as cities across the country deal with crises of civil unrest.
On Tuesday, Fox News ran a story from a single government source alleging Antifi would be causing mayhem in the suburbs.
"Agitators behind the rioting that has paralyzed the country over the past week want to move into more suburban areas, a government intelligence source has told Fox News," Hollie McKay reported for the network. "Much of the worry stems from the notion that many in well-armed, suburban, and rural neighborhoods won't hesitate to exercise their Second Amendment rights and elevated anxieties could lead to heavy confrontation. 'Antifa knows this," said the source, who spoke on the condition of anonymity. "Local and state authorities have to get a grip on this because if it moves to the suburbs, more people will die.'"