Lowe’s to close 2 stores in IL, 1 in Indiana

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Home improvement retailer Lowe's announced Monday it will close underperforming stores in the US and Canada as part of a reorganization.

In addition to the Gurnee and Portage locations, Lowe's is closing its store in Granite City, near St. Louis. The North Carolina-based company did not immediately respond to request for comment. Some of those retailers like Toys "R" Us, Mattress Firm and Sears have filed for bankruptcy, and have already closed hundreds of locations stores.

The company also says it will work to offer most associates at these stores opportunities to transition to a similar role at a nearby Lowe's store.

The company expects the closures to impact its stock price, from 28 to 34 cents per diluted share.

Home building retail chain, Lowe's, is closing 27 of its Rona stores across the country in February, including three here in Northern Ontario.

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Ellison previously spent more than 12 years at Lowe's rival, Home Depot, and is the former CEO of J.C. Penney Co.

Only one store in Texas is closing, the location at 3500 W. Airport Fwy in Irving.

It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona. He likes the company's "honed focus", as Lowe's cuts its losses and doubles down on improving its highest-potential stores.

Since Ellison took the Lowe's job, he eliminated the COO, the chief customer officer, the corporate administration executive and the chief development officer positions and brought in executives from other companies, The Charlotte Observer reported. That said, he's still on the sidelines, awaiting more sales progress at existing stores and monitoring the investments "required to do that".