According to the announcement, the closures will affect 20 stores in the United States and 31 stores in Canada, the majority of which are within 10 miles of another Lowe's location, in an effort to lead a turnaround for the company, which has been trailing competitor Home Depot for years.
Home improvement retailer Lowe's is closing more than 50 underperforming stores as part of an "ongoing strategic reassessment", the retailer announced in a statement on Monday.
The company, which operates about 1,800 US stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some USA stores that are closing immediately.
Some of the USA stores will close immediately, Lowe's said. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million. Lowe's has partnered with Hilco Merchant Services to help manage the process in the US and ensure a seamless experience for customers.
Lowe's now operates a total of 2,390 home improvement and hardware stores.
The majority of the impacted USA stores are located within 10 miles of another store.
The expected financial impact of today's announcement of $0.28 to $0.34 per diluted share was not contemplated in the business outlook for fiscal 2018 which the company provided on August 22 when it released its second quarter earnings. Lowe's also did away with a few high-profile positions, such as its chief operating officer and chief customer officer, and replaced them with other roles that report directly to Ellison.
Ellison left J.C. Penney where he was also CEO in May to join Lowe's.