Lowe’s closing underperforming stores

A Lowe's store in Hialeah Fla. on Wednesday

There has been uncertainty in Kingston after Lowe's announced it would be closing 27 RONA locations across Canada, including one in Kingston.

Most of the stores Lowe's is closing have other locations nearby, which is no accident, Winder said.

Lowe's maintains more than 2,000 stores in North America. Lowe's said employees in the affected stores were notified of the closures Sunday evening.

The location in Granite City, 1333 Schaefer Rd, is on the list of stores that will be shut down by February 1, 2019.

The company did not say how many of its workers will be affected by the closings. Additionally, the company will close 31 Canadian stores.

The store closures are expected to reduce the company's annual earnings by 28 to 34 cents per diluted share, Lowe's said.

The company says the move is aimed at winding-down underperforming locations to focus resources on its more profitable operations.

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Lowe's is struggling to keep up with its larger rival Home Depot.

The company cut its sales and profit outlook for the year.

Lowe's shook up its executive suite recently, hiring a new chief information officer from Target.

While several Northern Ontario Lowe's locations are slated for closure, Thunder Bay's outlet will remain open.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's.

"This is a lesson that does not want to be repeated by other retailers", McKinney said.

Another "fundamental" to be addressed, Ellison said, is supply chain, an area the retailer will work to update and improve in coming months.

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