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Home improvement chain Lowe's announced Monday it is closing 51 locations in the USA and Canada, including four in California.

Lowe's said it also is closing 31 stores in Canada and elsewhere.

Some of the USA stores will close immediately, Lowe's said. Numerous stores being closed are within 10 miles of another Lowe's, the company said.

According to announcement from the company, 21 USA stores and 30 Canadian stores will close by February 2019.

It's unclear how many total workers are affected.

What did the Lowe's CEO say?

Ellison assumed his position in July, according to The Wall Street Journal.

Despite a strong housing market that's benefited the home-improvement retail industry, Lowe's has still trailed its larger competitor, Atlanta-based Home Depot.

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A list of the locations to be shuttered is available on the Lowe's website, showing two in the Bay Area and two in Orange County: in San Jose and South San Francisco, and in Irvine and Aliso Viejo.

Lowe's said most stores will offer major discounts prior to their closures, but some will shut down immediately. Analysts believe that Sears, which declared bankruptcy last month, waited too long to close stores and move more sales to the internet, he said. "I'm not saying that's a prerequisite; what I am saying is, it really helps".

Lowe's said the financial impact of the announcement of between 28 cents a share and 34 cents a share was not considered in its 2018 outlook in August.

In a research note Monday, Credit Suisse analyst Seth Sigman said Lowe's decision is "a positive step towards improving productivity of the chain".

Earlier this year, Lowe's gave the reins to a home improvement veteran to turn around the company.

News of the most recent closures caused Lowe's stock to increase by 48 cents to $97.29 as of this afternoon.

A former Home Depot executive, Ellison was named CEO in May after several years at the helm of retailer J.C. Penney.


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