Lowe’s has decided to end its separate initiatives with Alacrity Renovation Services and Iris Smart Home, the company announced in its third-quarter financial report.
The company described both endeavors as “non-core activities within its U.S. home improvement business,” and said the decision came after its management team had “substantially completed its strategic reassessment of the business and identified actions to drive focus on … improving profitability.”
Lowe’s president and CEO Marvin R. Ellison said the company’s decision allows the business to focus on improving its central operations.
“Our top priority in the third quarter was positioning Lowe’s for long-term success by identifying underperforming or non-core businesses and stores for divestiture,” Ellison says. “With our strategic reassessment substantially completed, we can now intensify our focus on the core retail business.”
In partnership with Alacrity Renovation Services, Lowe’s formed Resolve, a company that connected home and business owners with a network of contractors to offer home renovation services and flood, fire and storm remediation work, according to the companies’ website.
With Iris Smart Home, Lowe’s offered smart home and security systems to property owners. In a statement posted after the announcement, Iris said its products would still be available in Lowe’s locations. The company also said it was searching for potential buyers.
“We are in the process of finding a buyer that remains committed to providing [customers] with the same level of service you have come to expect from Iris. We do not have timing or additional details to share at this time,” the company said in a statement.