Lowe's is shutting down 51 stores throughout the US and Canada.
Home improvement giant Lowe's Cos.is closing 51 "underperforming" stores in the US and Canada, including the Lowe's on Thomas E. Burgin Parkway in Quincy.
The stores will be closed before February 1, 2019, the company said, adding that most employees in the closing stories will be offered a chance to take a similar job at a nearby Lowe's. Lowe's is working with Hilco Merchant Services to help manage the store closing process in the U.S.
Lowe's Cos. Inc. (NYSE: LOW), based in Mooresville, N.C., said in a news release the majority of impacted stores in the US are located within 10 miles of another Lowe's store. You can find a list of Lowe's closure here. Don't miss: These Lowes stores are closing in the next three months For starters, these locations represent just 2% of total store count, said Laura Champine, senior consumer analyst at Loop Capital Markets in NY.
John Sedgwick, manager at Kingston's Princess Street RONA, says that his store employs about 100 employees at a time, but due to seasonal hires, that number fluctuates.
Another 31 stores are being shut down in Canada, Lowe's said.
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More than half of the store closings will take place in Canada.
Lowe's reported revenues of $68.6 billion in its previous fiscal year, while rival Home Depot reported more than $100 billion in sales in its last fiscal year, ending on January 28, 2018.
In a research note Monday, Credit Suisse analyst Seth Sigman said Lowe's decision is "a positive step towards improving productivity of the chain".
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.
There has been uncertainty in Kingston after Lowe's announced it would be closing 27 RONA locations across Canada, including one in Kingston. Other high-profile positions were eliminated and replaced with other roles that report to the CEO.