Over the last year, several popular retailers have made the sad announcement that they will be closing some of their doors. Now, another retail giant has joined that list. On Monday, November 5, the company announced that they will be closing over 50 locations.
Lowe's made the announcement that they will be shutting the doors of their locations which are underperforming. They said that this move will hopefully "improve the overall health of its store portfolio."
According to CNN, Lowe's will be shutting down 20 stores in the U.S. and 31 stores in Canada. The plan is to close each of those stores by February 1, 2019.
Thankfully, the company revealed that they are working on a plan for the employees of the stores that they are shutting down. They said that they will try to find replacement jobs for them at other Lowe's locations.
CEO Marvin R. Ellison said, "We believe our people are the foundation of our business and essential to our future growth."
Earlier this year, Ellison announced that Lowe's would be shutting the doors on one of their acquired companies, Orchard Supply Hardware. Now, actual Lowe's stores will be shutting down as well.
What do you think about this decision? Do you go to Lowe's often? Let us know how this will affect you! In other recent news, a newlywed couple was tragically killed as they left their wedding. Please be praying for everyone involved.