SHIPPENSBURG, Franklin County — The Lowe’s Home Improvement store in Shippensburg is one of 51 North American stores that will be closed, the retailer announced Monday.
The closures affects stores that are under-performing, and the decision will help the hardware chain focus on its most profitable stores and “improve the overall health of its store portfolio,” the company said.
Lowe’s (LOW) is shutting down 20 stores in the US and 31 in Canada. The company said that a “majority” of the shuttered stores are within 10 miles of another Lowe’s location.
The stores will be closed before Feb. 1, 2019. The company will try to find jobs at nearby stores for its employees affected by the closings.
The Shippensburg location is the only Lowe’s store in Pennsylvania that will be closing, according to the closure list on the company’s website.
“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,” said Marvin R. Ellison, Lowe’s president and CEO. “We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe’s stores.”
Lowe’s is struggling to keep up with its larger rival Home Depot. 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 company cut its sales and profit outlook for the year. Its next earnings report is on November 20.
