Large retail chain closes more than 50 stores and is close to bankruptcy - ForumDaily
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Large retail chain closes more than 50 stores and is close to bankruptcy

American retailers are going through hard times. Following a series of other well-known sellers, Lowe's large retail chain announced the closure of the 51 store in the United States and Canada.

Фото: Depositphotos

Representatives of a network of stores selling products for home improvement, said on Monday that the stores would be closed due to the low efficiency of their work, adding that this should help focus efforts on more profitable locations and also “improve the overall condition of the company's store portfolio”, writes CNN.

Lowe's (LOW) is closing 20 stores in the United States and 31 in Canada. Company officials said "the majority" of the closed stores are located less than 10 miles from other Lowe's locations.

Shops will be closed until February 1 2019. The company will try to find work in nearby stores for employees affected by the forced action.

“We believe our people are the core of our business and essential to future growth,” said CEO Marvin R. Ellison.

Lowe's is fighting to keep up with its big rival Home Depot. Allison, who joined the company in May, has already made some important strategic decisions, including closing all Orchard Supply Hardware hardware stores and reducing inventory at Lowe's stores.

The company has reduced sales and profit forecast for the year. The following earnings report from Lowe's is preparing for November 20.

Recall that two weeks ago, 15 retailers in America reported closing their stores before the end of 2018, which turned out to be financially difficult for some retailers, especially in the field of selling toys, electronics and clothing retailers - buyers are increasingly taking online retailers. A full list of closing stores can be found. here.

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