In yet another sign of retail struggle, Lowe's Companies, Inc. is shuttering 20 underperforming stores in the U.S and 31 in Canada.
The home improvement chain will be completing the latest store closures before February 1, 2019, while trying to shift workers to other locations to help them still remain employed within the company if they choose to. Previously this year, Lowe’s announced plans to close down all of its 99 Orchard Supply Hardware stores by end of the fiscal year, while also promising to give affected employees priority should they apply for other openings at the company and also to provide them job placement assistance and severance. The company had lowered expectations on sales and profit for the year.
Its rival Home Depot, reportedly, has been giving tough competition, thereby further propelling Lowe’s tapering off of stores and inventories.