Lowe's is closing 51 of its home improvement stores, including 30 in Canada, the company said Monday. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location.
Ellison, who joined the company in May, has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe's stores.
The majority of the USA stores to close are within 10 miles of other Lowe's stores, the company said, so affected employees will have the opportunity to transfer to similar roles in nearby locations.More news: Khashoggi's sons ask for their father's boddy
Close 20 USA stores.
Lowe's said is expects to close the impacted stores by the end of the company's 2018 fiscal year - February 1, 2019.More news: UK's PM May odds of Irish border deal "50-50"
It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona.
The expected financial impact of today's announcement of $0.28 to $0.34 per diluted share was not contemplated in the business outlook for fiscal 2018 which the company provided on August 22 when it released its second quarter earnings. Lowe's reports financial results Wednesday, Nov. 16.
Ellison has also initiated some major shakeups in the company's executive leadership ranks. The priority for Lowe's right now, he said, is improving basic "retail fundamentals". (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.More news: Raheem Sterling is no longer scared - Man City boss Pep Guardiola