Retail
All the Stores Lowe's Will Close in the Coming Weeks
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Home improvement retailer Lowe’s Companies Inc. (NYSE: LOW) will close a number of its stores between now and the end of its fiscal year, which falls on February 1. It is the latest brick-and-mortar retailer to cut its national footprint. Lowe’s provided the list today, which includes 20 stores in the United States and 31 in Canada.
Lowe’s management said that most of the U.S. stores to be closed are within 10 miles of one of its other locations. Some Lowe’s workers will be able to move. All retailers have stores that perform much better than others. Lowe’s has decided to prune some of its weakest. Marvin R. Ellison, Lowe’s president and CEO, said:
While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business. We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe’s stores.
Lowe’s will suffer a financial setback because of the decision, which it said would be $0.28 to $0.34 per share, and which it said it did not anticipate in the current year, which is fiscal 2018. Lowe’s is barely growing, and its bottom line is shrinking. In its most recently reported quarter, revenue rose to $17.4 billion from $16.8 billion. Net income fell to $629 million from $872 million. At the time, Lowe’s said it would close the stores but did not list them. Lowe’s had 2,133 stores before the current downsizing.
Lowe’s faces several problems that it has in common with other large retailers. It has very direct competition in the larger Home Depot. It also competes directly with Ace Hardware. Many large retailers have substantial home improvement sections. This is especially true of Walmart. Amazon also has a huge home improvement inventory, which it calls the Amazon.com Tools and Home Improvement Store.
24/7 Wall St.These are the 51 stores Lowe’s is closing in the United States and Canada:
| State | City | Address |
|---|---|---|
| Alabama | Graysville | 1100 Bankhead Hwy SW |
| California | Aliso Viejo | 26501 Aliso Creek Rd. |
| California | Irvine | 13300 Jamboree Rd. |
| California | South San Francisco | 720 Dubuque Ave. |
| California | San Jose | 750 Newhall Dr. |
| Connecticut | Orange | 48 Boston Post Rd. |
| Illinois | Granite City | 1333 Schaefer Rd. |
| Illinois | Gurnee | 7735 Grand Ave. |
| Indiana | Portage | 6221 U.S. Hwy 6 |
| Louisiana | New Orleans | 5770 Read Blvd |
| Massachusetts | Quincy | 599 Thomas Burgin Pkwy |
| Michigan | Burton | 4274 E. Court St. |
| Michigan | Flint | 2100 T.A. Mansour Blvd |
| Minnesota | Mankato | 2015 Bassett Dr. |
| Missouri | Bridgeton | 11974 Paul Mayer Ave. |
| Missouri | Florissant | 3180 N. Hwy 67 |
| New York | New York | 2008 Broadway |
| New York | New York | 635-641 6th Ave. |
| Pennsylvania | Shippensburg | 250 South Conestoga Dr. |
| Texas | Irving | 3500 W. Airport Fwy |
| Canada | ||
| Alberta | Calgary | 11520—24th Street SE |
| Alberta | Calgary | 12330 Symons Valley Road NW |
| British Columbia | New Westminister | 105-1015 Columbia Street |
| Newfoundland | Bay Roberts | 239 Conception Bay |
| Newfoundland | Conception Bay | 825 Conception Bay Hwy |
| Newfoundland | Goulds | 53-59 Main Highway |
| Newfoundland | St. John’s | 66 O’Leary Ave. |
| Newfoundland | St. John’s | 1297 Topsail Rd. |
| Newfoundland | St. John’s | 710 Torbay Rd. |
| Ontario | Kingston | 1452 Bath Rd. |
| Ontario | Lakefield | 178 Water St. |
| Ontairo | Mississauga | 1133 Dundas St. |
| Ontario | Mississauga | 1692 Lakeshore Rd. |
| Ontario | North York | 6600 Yonge St. |
| Ontario | Peterborough | 1575 Chemong Rd. |
| Ontario | Sault Ste. Marie | 132 Black Rd. |
| Ontario | Sault Ste. Marie | 248 Northern Ave. |
| Ontario | Sudbury | 943 Barry Downe Rd. |
| Quebec | Ange-Gardien | 194, rue Principale |
| Quebec | Grandby | 788, rue Moeller |
| Quebec | L’Assomption | 723, boulevard L’Ange-Gardien |
| Quebec | Laval | 134, boulevard Sainte-Rose |
| Quebec | Montreal | 9200, boulevard Maurice-Duplessis |
| Quebec | Rouyn-Noranda | 1200, rue Mantha |
| Quebec | Saint Elzear | 100, rue du Parc Industriel |
| Quebec | Sainte-Clotilde-de-Chateauguay | 335, Route 209 |
| Quebec | Saint-Jean-sur-Richelieu | 870, boulevard d’Iberville |
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