2018 has been a hard year on retail.
Lowe’s has said that locations are underperforming and the decision will help the hardware chain focus on its most profitable stores and “improve the overall health of its store portfolio.”
The chain is shutting down 20 stores in the US and 31 in Canada. The stores will be closed before Feb. 1, 2019.
CEO Marvin R. Ellison says, “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business.”
Lowe’s is struggling to compete with Home Depot. Last year, Home Depot’s revenue hit more than $100 million, while Lowe’s sales were below $70 million.
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