قالب وردپرس درنا توس
Home / Business / Lowe's closes 47 stores in the US and Canada Smart Change: Personal Finance

Lowe's closes 47 stores in the US and Canada Smart Change: Personal Finance



In another sign of retail time, Lowe & # 39; s closes 47 North American stores.

Lowes said on Monday that these locations are below average and the decision of the hardware chain will help them focus on their most profitable stores.

"Closing deals is a necessary step in our strategic revaluation as we focus on building a stronger business," said Chief Executive Officer Marvin Ellison in a statement.

Retail stores are struggling to adapt to the rapid growth of online shopping, especially Amazon (AMZN). Many successful retailers with big stores have adapted their business strategies to better use their physical spaces. Others, including Sears, Kmart and Toys "R" Us, failed.

Lowe & # 39; s and its rival Home Depot have proven to be largely Amazon-proof as Amazon does not sell any timber or other heavy, bulky home improvement products. [1

9659002] But Lowe's having difficulty keeping up with Home Depot. Home Depot's revenue reached more than $ 100 billion last year, while Lowe's revenue was less than $ 70 billion. Lowe's share price has also lagged behind its rival, which has led to pressure from activist investors.

Earlier this year, Lowe's gave a home improvement veteran the lead to turn the company over. Ellison has been a top executive home repository for more than a decade and most recently served as CEO of JCPenney (JCP).

Ellison has already made some key strategic decisions, including closing all Orchard Supply hardware stores and reducing inventories Lowe's businesses.

He believes the improvement of tools and equipment, additional discounts and better customer service is the goal of Lowe's improvement by targeting professional builders and contractors. According to the Wedbush Securities analysts, home professional sales account for about 45% of Home Depot's revenue, but only about 30% of Lowe's revenue.

Lowe's (LOW) will close 20 stores in the United States and 27 in the US Canada. The company said a "majority" of stores are within 10 miles of another Lowe location. In addition, four offices and specialized facilities will be closed in Canada.

The shops are closed before 1 February 2019. The company will try to find jobs for its closure-affected employees in nearby stores.

Lowe & # 39; s said these deals would be closed:

Alabama

1100 Bankhead Hwy SW, Graysville

California

26501 Aliso Creek Rd, Aliso Viejo

13300 Jamboree Rd, Irvine

720 Dubuque Ave, South San Francisco

750 Newhall Dr, San Jose

Connecticut

48 Boston Post Rd, Orange

Illinois

1333 Schaefer Rd, Granite City

7735 Grand Ave, Gurnee

Indiana

6221 US Highway 6, Portage

19659002] 5770 Read Blvd, New Orleans

Massachusetts

599 Thomas Burgin Pkwy, Quincy

Michig

4274 E Court Street, Burton 19659002] 2100 TA Mansour Blvd, Flint

Minnesota

2015 Bassett Dr, Mankato

Missouri

11974 Paul Mayer Ave, Bridgeton

3180 N [NewYork

2008 Broadway, New York

635-641 6th Ave, New York

Pennsylvania

250 South Conestoga Dr, Shippensburg [25065] Texas

3500 W Airport Fwy, Irving

British Columbia

(Rona) 105-1015 Columbia Street, New Westminster

Alberta

(Rona) 11520 – 24th Street SE, Calgary

(Reno Depot) 12330 Symons Valley Road NW, Calgary

Ontario

1133 Dundas Street West, Mississauga

1692 Lakeshore Rd, Mississauga

132 Black Road, Sault Ste. Marie

943 Barry Downe Road, Sudbury

1575 Chemong Road, Peterborough

1452 Bath Road, Kingston

178 Waterway, Lakefield

Lowe's [19659002] 6600 Yonge Street, North York

248 Northern Avenue, Sault Ste. Marie

Quebec

Rona:

335, Route 209, Sainte-Clotilde-de-Chateauguay

870, Boulevard d'Iberville, Saint -Jean-sur-Richelieu

723, Boulevard L & # 39; Ange-Gardien, L 'Assomption

788, Rue Moeller, Grandby

134, Boulevard Sainte-Rose, Laval

9200, Boulevard Maurice-Duplessis, Montréal

1200, Rue Mantha, Rouyn-Noranda

194, rue Principale, Ange-Gardien

100, rue du Parc Industriel, Saint Elzéar

Newfoundland [19599002] Rona:

825 Conception Bay Highway, Conception Bay

53-59 Main Street, Goulds

1297 Topsail Road, St. John's

60 O'Leary Avenue, St John's

710 Torbay Road, St. John's

239 Conception Bay, Bay Roberts

Correction: In an earlier version of this story, it was incorrectly stated how many businesses closed Lowes plans intend.

Nathaniel Meyersohn contributed to this camp at y


Source link