Lowe's recorded a $1.52 billion profit in the second quarter of 2018, but announced it plans to close its Orchard Supply Hardware stores by year's end, according to Fortune.
Lowe's bought Orchard in 2013 after it filed for bankruptcy protection, and the closures will affect 4,000 employees at 99 locations.
"For me, having worked for three different retailers, the one thing retailers do a good job of is evaluating their real estate portfolios on an annual basis," Lowe's CEO Marvin Ellison told CNBC. "Closing Orchard Supply was a very difficult decision."
The company also announced David Denton will leave his job as CFO of CVS Health once it closes its $69 billion acquisition of Aetna to assume the same role at Lowe's, according to The Wall Street Journal.