Quincy Lowes among 47 stores to close

Quincy Lowes among 47 stores to close

The company will try to find jobs at nearby stores for its employees affected by the closings.

Store closing sales are scheduled to begin Thursday at most of the affected locations, according to the company's website. The North Carolina-based company did not immediately respond to request for comment.

That includes 31 stores in Canada, although only one is in British Columbia and the vast majority are in Ontario, Quebec and Newfoundland.

The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

Two New England stores, one in CT and one in MA, will close, according to a list on the company's website.

Lowe's (LOW) is trending higher Monday after the home-improvement chain announced more store closures.

No stores in Maryland are on the list, but a store in nearby Pennsylvania is on the list. In August, the company announced plans to close all 99 locations of California, Florida and OR regional chain Orchard Supply Hardware, which it bought in 2014, according to WSJ. Others and the Canadian stores are expected to close by February 1, the end of the company's fiscal year. Ellison told investors in August that the smaller OSH stores were not running well and could never become a big part of Lowe's overall business.

A former Home Depot executive, Ellison was named CEO in May after several years at the helm of retailer J.C. Penney.

"When you get a new president in an American company who just looks at stores as dots on a map, it is problematic", he said.

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