Three stores in the GTA have been marked for closure - two Rona locations in Mississauga and the Lowe's at Centrepoint Mall.
The company, which operates about 1,800 US stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some USA stores that are closing immediately. Twenty of the closings are in the U.S., and California leads the way with four (San Jose, South San Francisco, Irvine, and Aliso Veijo). "We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe's stores". None of the USA stores to close are in the Carolinas, according to the list posted on Lowe's website.
Lowe's bought Rona, Canada's biggest home improvement chain, in 2016 for about US$2 billion, adding about 700 stores to its 40 in the country. The company will try to find jobs at nearby stores for its employees affected by the closings.
Despite a strong housing market that's benefited the home-improvement retail industry, Lowe's has still trailed its larger competitor, Atlanta-based Home Depot. Its next earnings report is on November 20.
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Ellison has also initiated some major shakeups in the company's executive leadership ranks.
Lowe's made the announcement Monday.
That includes, for instance, retooling inventory to ensure popular products are always in stock, and that Lowe's clears out unpopular products that gather dust on the shelves.