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Lowe's store closings not a big worry to industry watchers

November 13, 2018

Home improvement giant Lowe's is closing 20 U.S. stores but at least one analyst isn't too concerned.

The closings, which also include 31 in Canada, likely are just the start for the retailer, according to a New York Post report. Lowe's will likely give insight on the closure strategy during its Nov. 20 earnings report.

Moody's Senior Credit Officer Bill Fahy told the Post the closings are mostly stores within 10 miles of another Lowe's store.

"Twenty stores is not all that many. Consumers still have a Lowe's store to go to," Fahy told the Post. Other analysts said the closure may be part of a strategy to boost the bottom line.

This past August Lowe's announced it was closing its Orchard Supply Hardware stores.