Lowe's to close 31 stores across Canada

A Lowe's store in Hialeah Fla. on Wednesday

Lowe's announced early Monday morning the closing of 20 under performing stores throughout the U.S.as part of the company's "ongoing strategic reassessment".

A list of impacted stores can be found here.

It expects the stores to be shuttered by February 1, 2019.

The company announced that most of the stores, with a few exceptions of stores closing immediately, will hold closing sales to clear out inventory. Twenty U.S. stores are also be closing.

Hilco Merchant Services has partnered with the retailer to help manage the process in the U.S.

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Lowe's now operates a total of 2,390 home improvement and hardware stores. Lowe's said employees in the affected stores were notified of the closures Sunday evening.

The expected financial impact of today's announcement of $0.28 to $0.34 per diluted share was not contemplated in the business outlook for fiscal 2018 which the company provided on August 22 when it released its second quarter earnings.

E-commerce giants including Amazon Inc. have also posed a threat because of their efficiency, but Soberman said their impact on Lowe's is limited because many construction and do-it-yourself products are bulky, heavy and cost more to ship - "not things that are suited to online retail".

"New blood in the upper ranks was clearly a catalyst for this decision, as we believe there is a greater willingness on behalf of the leadership team to examine the root causes of underperformance", Jefferies analyst Jonathan Matuszewski, said in a note.

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