One of Rona’s two Kingston stores closing

Customers walk toward a Lowe's store in Hialeah Fla

Customers walk toward a Lowe's store in Hialeah Fla

Lowe's is closing more than 50 underperforming stores - including one in MA - by February of 2019.

Lowe's is closing 51 underperforming stores across the US and Canada.

Close 20 US stores.

Lowe's says it expects to close the impacted stores by the end of the company's 2018 financial year, February 1, 2019.

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It's unclear how many total workers are affected. The company said that a "majority" of the shuttered stores are within 10 miles of another Lowe's location.

"While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business", Marvin R. Ellison, Lowe's president and CEO, said in a news release.

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 cut its sales and profit outlook for the year. Lowe's reports financial results Wednesday, Nov. 16.

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Lowe's made the announcement Monday. As recently as August, Lowe's held a job fair for the store.

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

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. (NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

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