Lowe's announced early Monday morning the closing of 20 under performing stores throughout the U.S.as part of the company's "ongoing strategic reassessment".
The company is also closing 20 stores in the U.S.
Lowe's will offer affected employees the opportunity to transfer to similar roles at nearby stores.
The impacted stores are expected to be closed by February 1, 2019, the end of the company's 2018 fiscal year.
The store closures are expected to have a financial impact of 28-34 cents per diluted share, Lowe's said.
The home improvement chain said Monday it is shutting down 20 locations in the USA and 31 in Canada. It did not identify which stores those are.
Oil under pressure from rising output, but Iran sanctions loom
But he added: "In the past few months our people have faced hard times and it's possible that the next few months will be hard ". The waivers are being granted for continued import cuts, so that oil prices do not shoot up, the official added.
But Lowe's is struggling to keep up with Home Depot.
Founded in 1946, Lowe's has more than 2,390 stores and past year generated $68.6 billion in sales.
The home improvement company is not the only retailer to close its doors in recent months.
Lowe's purchased Canadian-based Rona's chain of 496 corporate and dealer-owned stores, as well as nine distribution centres, in 2016 for $3.2 billion. Some of those retailers like Toys "R" Us, Mattress Firm and Sears have filed for bankruptcy, and have already closed hundreds of locations stores.
Lowe's shook up its executive suite recently, hiring a new chief information officer from Target.
Marvin Ellison, the new CEO, previously said he wants to focus more on improving core retail areas and increasing online sales.