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
Brian Williams compares Corey Lewandowski’s opening statement to the North Korean news lady
MSNBC host Brian Williams on Tuesday noted the similarities between former Trump campaign manager Corey Lewandowski and North Korean news anchor Ri Chun Hee.
"Corey Lewandowski, the former Trump campaign manager who is now considering a Senate run in New Hampshire, testified before the House Judiciary Committee today," Williams reported. "It is likely his North Korean anchorwoman-quality opening remarks were meant were one viewer (Donald Trump)."
Ri, who has earned the nickname "Pink Lady," is known for her enthusiastic reading of government-approved news.
Watch the video below from MSNBC.
‘Train-wreck of a witness’: Analysts nail ‘obstructive’ Corey Lewandowski for proving the Democrats’ case
Political commentator Catherine Rampell disagreed with New York Times columnist Frank Bruni that the Democrats faltered during the hearing with Corey Lewandowski Tuesday. Former state and federal prosecutor Elie Honig called Lewandowski a "train-wreck of a witness."
She explained that Democrats had an extremely low bar: they had to prove Trump obstructed justice and that Corey Lewandowski gave one of the examples of such obstructions. In that sense, Rampell said they accomplished their goals.
"I don’t think this was a great day for Corey Lewandowski," she began. "This is a guy who went on TV and announced to the world -- apparently at the same time he is also trying to fundraise for Senate -- that he lies most of the time. Except when he's under oath."
WATCH: Ana Navarro keeps shouting down Trump booster — even as CNN host cuts to commercial
President Donald Trump cheered on his top Hispanic advisor Steve Cortes, who appeared before a New Mexico audience. Trump asked Cortes which he loved more, Hispanics or America, which prompted CNN's Ana Navarro to blast the president for racism. Meanwhile, Trump's latest CNN shill cried "political correctness."
"Look, I suspect he didn't want to offend Steve Cortes and I suspect Steve Cortes was not offended," Navarro said. "But really what a stupid thing to say. Right? To somehow ask the question about whether you love the country more than you love Hispanics -- they are one and the same."