Lowe’s Companies Inc. will close 51 underperforming stores across the U.S. and Canada in an attempt to build a more profitable business.

The Mooresville-based company plans to close 20 U.S. and 31 Canadian stores by the end of its fiscal year in February 2019. None of the locations are in North Carolina.

The company will look to relocate most of its displaced employees to similar roles at nearby stores.

“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,” said Marvin R. Ellison, Lowe’s president and chief executive officer, in a statement.

Hilco Merchant Services is partnering with Lowe’s to facilitate the shutdowns by rolling out nationwide sales for most stores. A select few U.S. stores will be closing immediately.

The closure’s financial implications include a 15 to 18 percent reduction in diluted earnings per share for the second quarter, or 28 to 34 cents. The earnings hit will take effect in the company’s third quarter earnings release on Nov. 20.

The company’s announcement to close 51 stores comes two months after its decision to close all 99 Orchard Supply Hardware stores. Lowe’s reported a $230 million charge associated with these closings, according to its second quarter filing with the Securities and Exchange Commission.

Lowe’s share price rose 1 cent to $96.83 in Monday morning trading.

“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 Ellison.

The announcement can be found here.