Home improvement retailer Lowe's is closing 20 underperforming stores in the United States and 31 in Canada as part of a restructuring, the home improvement retailer said on Monday.
Lowe's, which has trailed Home Depot in sales for years, is In the midst of a turnaround under New Chief Executive Officer Marvin Ellison, who has promised to remove slow-selling products and unsuccessful ventures.
The company is already shuttering its Orchard Supply Chain of 99 stores, leading to between $ 390 million and $ 475 million in write-downs.
Lowe's, which operates over 2,000 stores in North America, said the latest store closures would be complete by February.
"The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business, "Ellison said in a statement.
Lowe's stores in US Lowe's has bought Rona, Canada's largest home improvement chain, in 201