Lowe's to Close Dozens of Stories in 2019, says company
08 November, 2018, 17:18 | Author: Frank Williams
The company said it would shutter 20 stores in the U.S.by February 1.
Home improvement giant Lowe's Cos.is closing 51 "underperforming" stores in the USA and Canada, including the Lowe's on Thomas E. Burgin Parkway in Quincy.
More than half of the store closings will take place in Canada. Lowe's added that it would provide additional details about the effect of the store closings in the next quarterly earnings release slated for November 20.
The chain, founded in 1946, operates more than 2,390 home improvement and hardware stores with about 310,000 employees.
It's unclear how many workers are affected. Lowe's brought most OSH stores out of bankruptcy in 2013 following their spinoff from Sears Holdings Corp., as James Rufus Koren reports for the Los Angeles Times.
To catch up, Lowe's has been working to slash costs and boost profits in recent years.
Earlier in the year, Ellison outlined a plan to sharpen the brand's focus on retail fundamentals and limit any project or initiative that detracted from Lowe's core mission of being a "great omnichannel home improvement retailer".
The announcement follows Dedham-based Papa Gino's surprise weekend closing of dozens of restaurants throughout New England.
Ellison has also initiated some major shakeups in the company's executive leadership ranks.
Another "fundamental" to be addressed, Ellison said, is supply chain, an area the retailer will work to update and improve in coming months.
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