Lowe's closing more than 50 stores in the USA and Canada

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Closing sales at affected stores are scheduled to begin this Thursday, November 8, the company said, with final closure dates before February 1 of next year. During his time at Penney, the retailer closed 142 unprofitable stores.

Some U.S. stores will close immediately, though Lowe's did not immediately announce the locations.

Lowe's maintains more than 2,000 stores in North America.

Lowe's is closing 31 locations across Canada.

The company says the closings are part of the company's strategic reassessment.

Lowe's last month opened a second store in Windsor, Ont. The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.

Lowe's said most of the stores selected to shut down are located within 10 miles of another Lowe's location, and noted most workers will be given the opportunity to transfer to another store.

He said the company has also been facing fierce competition from fellow home improvement businesses Home Depot Inc. and Canadian Tire Inc. and to some extent, Costco Wholesale Corp. and Walmart Inc., which are "extremely powerful" and stock some home and garden products. Its next earnings report is on November 20.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's.

"In this transformation, we're going to focus on retail fundamentals first, and concurrently we're going to modernize this company from. a digital and IT perspective and from a supply chain perspective, and we're going to create a truly great company", Ellison said.