Portage Lowes To Close Along With 19 Others In the U.S.
Lowe’s Companies, Inc. announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment. To focus on its most profitable stores and improve the overall health of its store portfolio, the company will:
-Close 20 U.S. stores. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of impacted stores are located within 10 miles of another Lowe’s store.
-Close 31 Canadian stores and other locations.
Lowe’s expects to close the impacted stores by the end of the company’s 2018 fiscal year (Feb. 1, 2019). To facilitate an orderly wind-down, the company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the U.S., which will close immediately. Lowe’s has partnered with Hilco Merchant Services to help manage the process in the U.S. and ensure a seamless experience for customers.
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 Aug. 22 when it released its second quarter earnings. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on Nov. 20.
Locally, Lowe’s of Portage, IN (Store #1778) located 6221 US Hwy 6 in Portage was listed as a store that will be closing.
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