Home improvement retailer Lowe's announced Monday that it is closing 20 … Lowe's is closing 47 stores In the face of a slowing housing market and competition from Home Depot, Lowe's has announced it will close 47 stores before the end … Earlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Correction: A previous version of this story misstated how many stores Lowe's plans to close. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. He believes targeting professional home builders and construction companies with higher-quality tools and equipment, additional discounts, and better customer service will improve Lowe’s. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Factset: FactSet Research Systems Inc.2018. Lowe's said Monday that those locations are underperforming and the decision will help the hardware chain focus on its most profitable stores. Additionally, four offices and specialty facilities in Canada will also be closed. Are Aldi and Amazon the key? Copyright © 2020 Allen Media Broadcasting, LLC All Rights Reserved. Justin Bieber's footwear collaboration overwhelms site, How Athleta grew its athleisure business during the pandemic, Watch Kanye West threaten to end Adidas and Gap deals, How masks are reshaping the face of the retail economy, Dollar General's business is booming. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The company said that a “majority” of the shuttered stores are within 10 miles of another Lowe’s location. Posted: Nov 6, 2018 10:47 … 181105115947-lowes-store-facade-exlarge-169, Clinton gets nearly $3 million to address lead paint hazards for low-income families, Clinton to remove lead paint in older homes, Evacuating from the East Troublesome Fire, Western Texas Panhandle blanketed in snow, Schubert Strong: How the volleyball community rallied around one of their own, COVID-19 restrictions in place or coming soon for most of Illinois' regions, Updates: How many coronavirus cases are confirmed in Illinois. Lowe's is closing 47 stores in the US and Canada In another sign of the times for retail, Lowe's is closing 47 North American stores. Lowe's announced Monday, November 5 that they will be closing 51 stores in the United States and Canada.. Others, including Sears, Kmart and Toys "R" Us, failed. All times are ET. In another sign of the times for retail, Lowe's is closing 47 North American stores. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Nathaniel Meyersohn contributed reporting to this story. (CNN) — In another sign of the times for retail, Lowe’s is closing 47 North American stores. Correction: A previous version of this story misstated how many stores Lowe's plans to close. Lowe’s said Monday, November 5 that those locations … Get email updates: Check out our online Member Center today. Get up-to-the-minute news sent straight to your device. Lowe's and its rival Home Depot have proven to be largely Amazon-proof, because Amazon does not sell lumber or other heavy, bulky home improvement products. 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Lowe's is closing 47 stores In the face of a slowing housing market and competition from Home Depot, Lowe's has announced it will close 47 stores before the end of its fiscal year. Ellison was a top executive Home Depot for more than a decade, and most recently served as JCPenney's (. Factset: FactSet Research Systems Inc.2018. He believes targeting professional home builders and construction companies with higher-quality tools and equipment, additional discounts, and better customer service will improve Lowe's. Is Lowe's closing stores in 2020? He believes targeting professional home builders and construction companies with higher-quality tools and equipment, additional discounts, and better customer service will improve Lowe's. Lowe’s (LOW) will shut down 20 stores in the United States and 27 in Canada. In another sign of the times for retail, Lowe's is closing 47 North American stores. “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” said CEO Marvin Ellison, in a statement. Correction: A previous version of this story misstated how many stores Lowe's plans to close. 2605 Yeager RoadWest Lafayette, IN 47906 USAMain Phone: 765-463-1800, All content © copyright WLFI. Earlier this year, Lowe’s gave the reins to a home improvement veteran to turn around the company. In the face of a slowing housing market and competition from Home Depot, Lowe's has announced it will close 47 stores before the end of its fiscal year. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The stores will be closed before Feb. 1, 2019. Retail stores are struggling to adjust to the rapid rise of online shopping, particularly from Amazon (AMZN). Lowe’s will close 47 underperforming stores in North America by Feb. 1. See the latest on our community. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location. The company also famously competed in the high-stakes world of NASCAR racing over the years. Earlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company. Latest video (Rona) 105-1015 Columbia Street, New Westminster, (Reno-Depot) 12330 Symons Valley Road NW, Calgary, 335, Route 209, Sainte-Clotilde-de-Chateauguay, 870, boulevard d'Iberville, Saint-Jean-sur-Richelieu, 723, boulevard L'Ange-Gardien, L'Assomption, 9200, boulevard Maurice-Duplessis, Montréal, 100, rue du Parc Industriel, Saint Elzéar. Lowe’s stock price has also lagged behind its rival, leading to pressure from activist investors. All rights reserved. Others, including Sears, Kmart and Toys "R" Us, failed. New York (CNN Business)In another sign of the times for retail, Lowe's is closing 47 North American stores. Lowe's and its rival Home Depot have proven to be largely Amazon-proof, because Amazon does not sell lumber or other heavy, bulky home improvement products. It closed many in 2019, and it is continuing what hopefully won’t become a pattern. Lowe's stock price has also lagged behind its rival, leading to pressure from activist investors. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. New York (CNN Business) In another sign of the times for retail, Lowe's is closing 47 North American stores. But Lowe’s is struggling to keep up with Home Depot. 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Sales to home building pros make up around 45% of Home Depot's sales, but only around 30% of Lowe's sales, according to analysts at Wedbush Securities. Last year, Home Depot's revenue hit more than $100 billion, while Lowe's sales were below $70 billion. Sales to home building pros make up around 45% of Home Depot's sales, but only around 30% of Lowe's sales, according to analysts at Wedbush Securities. (Rona) 105-1015 Columbia Street, New Westminster, (Reno-Depot) 12330 Symons Valley Road NW, Calgary, 335, Route 209, Sainte-Clotilde-de-Chateauguay, 870, boulevard d'Iberville, Saint-Jean-sur-Richelieu, 723, boulevard L'Ange-Gardien, L'Assomption, 9200, boulevard Maurice-Duplessis, Montréal, 100, rue du Parc Industriel, Saint Elzéar. (CNN) — In another sign of the times for retail, Lowe’s is closing 47 North American stores. 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