Home improvement retailer Lowe's announced Monday that it is closing 20 stores in the U.S. and 31 stores in Canada. It said that the majority of store closures occur where there are two Lowe's within 10 miles of each other.
Lowe's CEO Marvin Ellison said the closures are a "necessary step in [the company''s] strategic reassessment as [it focuses] on building a stronger business."
The retailer operates about 1,800 stores in the U.S. and about 300 in Canada. It expects to complete the closures by February.
The retailer has made a number of changes over the past year to catch up to its stronger rival, Home Depot. Industry experts have said that Home Depot has better real estate than Lowe's and has invested more in its e-commerce fulfillment.