Lowe's announces plans to close more than 50 stores in US, Canada

North Carolina-based Lowe's announced Monday morning that it will be closing 20 stores across the country as well as an additional 31 stores in Canada.

The company, based in Mooresville, said the "wind-down" of certain underperforming store locations was part of its ongoing strategic reassessment.

>> On Lowes.com: Click here for a full list of the stores that will close

Lowe's said most of the impacted stores were located within 10 miles of another Lowe's store, and that most workers at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store.

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"While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business," said Marvin R. Ellison, Lowe's president and CEO. "We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe's stores."

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Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year, which is Feb. 1, 2019.

The company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the U.S., which will close immediately.

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