Lowe's closing 31 Canadian stores, 20 stores in US

Customers walk toward a Lowe's store in Hialeah Fla

Customers walk toward a Lowe's store in Hialeah Fla

Lowe's Companies Inc. announced this morning that it will be closing 31 stores across Canada, including both its relatively new Lowe's location at Great Northern Road and Northern Avenue, and its Black Road Rona location in Sault Ste. It will also close 20 "underperforming" stores in the U.S.

The company will wind down operations at 20 USA locations and 31 Canadian stores by the end of its 2018 fiscal year, which ends February 1, 2019.

Lowe's said the USA stores are closing immediately.

Nine store closures are expected across Ontario, including one in Sudbury.

A list of impacted stores may be found on Lowe's newsroom.

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Lowe's stores in US states including New York, Texas and California and Rona outlets in Ontario, British Columbia and other Canadian provinces are being shut, Lowe's said.

Despite a strong housing market that's benefited the home-improvement retail industry, Lowe's has still trailed its larger competitor, Atlanta-based Home Depot.

To catch up, Lowe's has been working to slash costs and boost profits in recent years. Even in his first few months as the new CEO of Lowe's, Ellison has taken a number of steps to improve the company's financial health.

Lowe's made the announcement Monday. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million.

The stores off Corunna Road in Flint Township and Court Street in Burton are among twenty underperforming locations across the USA being shut down.

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