Home improvement chain Lowe's Companies Inc LOW.N announced the closure of another 51 underperforming stores in the United States and Canada on Monday as it strives to compete with rival Home Depot Inc HD.N in a slowing housing market.
Three stores in the GTA have been marked for closure - two Rona locations in Mississauga and the Lowe's at Centrepoint Mall.
The RONA store on Barrydowne Road in Greater Sudbury is set to close as Lowe's Companies Inc. focuses on its most profitable stores to improve the overall health of its store portfolio, it said in a news release.
Some U.S. stores will close immediately, though Lowe's did not immediately announce the locations. Twenty U.S. stores are also be closing.
"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.
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While Lowe's is far smaller and less exposed to the presence of Amazon and other online sellers, the closures follow a wave of similar moves by traditional USA retailers in the face of greater online competition.
Lowe's now operates a total of 2,390 home improvement and hardware stores. The retailer will attempt to relocate employees to nearby stores. Lowe's reports financial results Wednesday, Nov. 16. As recently as August, Lowe's held a job fair for the store.
Ellison has also initiated some major shakeups in the company's executive leadership ranks.
That includes, for instance, retooling inventory to ensure popular products are always in stock, and that Lowe's clears out unpopular products that gather dust on the shelves.
The closures are expected to be completed by February, says the company.