Lowe’s closing underperforming stores, including 1 in MA

Sears closed its last Chicago store

"The decision was informed by the strategic reassessment work we have been doing over the last few months".

The company is already shuttering its Orchard Supply chain of 99 stores, leading to between US$390 million and US$475 million in write-downs.

The stores off Corunna Road in Flint Township and Court Street in Burton are among twenty underperforming locations across the US being shut down.

North Carolina-based Lowe's said the majority of stores impacted are located within 10 miles of another Lowe's, and that most employees "will be extended opportunities to transition to a similar role" at a nearby store.

Buffetted in recent quarters by the impact of a long winter in North America, Lowe's has been striving to find ways to catch up with the long-time sector leader Home Depot, whose stores on average generate nearly twice as much in sales.

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"Everything will be done to ensure a smooth transition until the stores are closed, and Lowe's Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible", Prud'homme said in a statement.

Lowe's on Thomas Burgin Parkway in Quincy is the only store in MA impacted by the closures.

Hilco Merchant Services has partnered with the retailer to help manage the process in the U.S.

Lowe's expects the stores targeted will be closed by February 1.

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

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