Shippensburg Lowe's one of 51 locations set to close by early February

Shippensburg Lowe's one of 51 locations set to close by early February

The company will close 20 US stores, the majority of which are located within 10 miles of another Lowe's location, the company stated.

The company says most of the impacted locations are within 10 miles of another Lowe's and that associates will have the opportunity to transition to a similar job at another store.

Of the US stores being closed, 75 percent have another Lowe's within 10 miles, and 90 percent have a Home Depot store within 10 miles, Sigman wrote.

According to the published list of closures, none of these stores were located in Kentucky or the Evansville, Indiana area.

The store closings will reduce Lowe's Q3 earnings by between $0.28 and $0.34 per share, and were not included in the forecast the company provided in August 2018.

The North Carolina-based retailer said it will close 27 stores, two plants and two corporate locations in Canada. Along with 31 stores in Canada, the retailer is closing 20 stores in the United States.




Lowe's and its related businesses operate or service more than 2,390 home improvement and hardware stores and employ over 310,000 people.

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

Most locations are expected to have store closing sales, except for a select few USA stores that will be closing immediately.

The New West store is the only store in B.C. that's being closed, with others set to close in Alberta, Ontario, Quebec, Newfoundland and Labrador. In July, Lowe's announced it was eliminating the positions of chief operating officer, chief customer officer, corporate administration executive, and chief development officer.

In an interview with the Charlotte Observer, Ellison said retooling inventory is one of the "retail fundamentals" that has to be addressed first.

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