Lowe's announces closure of 51 U.S. and Canadian stores

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The company says most employees at US locations being shut down will be offered a job at a nearby store, but the company has made no such guarantee for Canadian workers - who now number more than 28,000 people across all of Lowe's brands in Canada.

There is no exact date for closure for the two stores, but Lowe's Canada says all 24 locations will be closed by the end of January.

Tony Filato, president of Local 500 of the United Food and Commercial Workers Union, which represents many Rona employees, told CBC News that none of the nine stores closing in Quebec is unionized. 1, 2019 and that employees at these stories will be given the opportunity to "transition to a similar role at a nearby Lowe's store". Its two Manhattan stores will close immediately, and the inventory from those stores will be transferred to nearby locations, according to the company.

The RONA store at 157 Chemong Road in Peterborough is closing, along with the Lakefield store, as part of an announcement by parent company Lowe's that 31 stores will be closed across Canada.

In a research note Monday, Credit Suisse analyst Seth Sigman said Lowe's decision is "a positive step towards improving productivity of the chain".

Ellison previously spent more than 12 years at Lowe's rival, Home Depot, and is the former CEO of J.C. Penney Co.

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The closures will reduce the company's expected annual earnings per share by 28 to 34 cents, it said.

News of the most recent closures caused Lowe's stock to increase by 48 cents to $97.29 as of this afternoon.

Calling them "underperforming" locations, Lowe's is closing 51 stores in North America.

"This is a lesson that does not want to be repeated by other retailers", McKinney said.

Lowe's and its related businesses operate or service almost 2,400 locations and employ more than 310,000 people.

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