Lowe's to close 31 stores across Canada


Twenty U.S. stores are also be closing.

While several Northern Ontario Lowe's locations are slated for closure, Thunder Bay's outlet will remain open.

To catch up, Lowe's has been working to slash costs and boost profits in recent years.

David Soberman, a University of Toronto professor specializing in marketing and retail, said Lowe's 2016 acquisition of Rona Inc.in a deal valued at $3.2 billion. has likely fuelled some of the Canadian cuts. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

No Florida stores will be closed. The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

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The hardware store has five locations in Sacramento County: in Sacramento, Elk Grove, Rancho Cordova, Citrus Heights and Folsom.

Lowe's says it expects to close the impacted stores by the end of the company's 2018 financial year, February 1, 2019. Northbrook-based Hilco Merchant Services will help manage the store closing process.

The company cut its sales and profit outlook for the year.

The company will announce third-quarter earnings on November 20.

Lowe's said most of the stores selected to shut down are located within 10 miles of another Lowe's location, and noted most workers will be given the opportunity to transfer to another store.