Lowe’s To Close 2 Bay Area Stores Deemed Underperforming

Virginia Carson
November 5, 2018

Home improvement retailer Lowe's has announced it will close dozens of stores in the United States and Canada in the next several months. You can check out the list here. The closures affect 13 states, including four locations in California and two in IL.

Lowe's said is expects to close the impacted stores by the end of the company's 2018 fiscal year - February 1, 2019.

Store closing sales will occur at most of the affected locations, with exception of select stores in the USA, which the company said will close immediately.

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Founded in 1946, Lowe's has more than 2,390 stores and a year ago generated $68.6 billion in sales.

Retail stores are struggling to adjust to the rapid rise of online shopping, particularly from Amazon.

Lowe's (LOW) is shutting down 20 stores in the U.S. and 31 in Canada.

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Landlords are now searching for new tenants to fill these spots. The majority of impacted stores, according to the company, are located within 10 miles of another Lowe's store. The Manhattan locations are on the Upper West Side, at 2008 Broadway; and in Chelsea, at 635-641 6th Avenue. As recently as August, Lowe's held a job fair for the store.

The company cut its sales and profit outlook for the year. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20.

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