Lowe's is closing all 99 locations of a California-based hardware-store chain it bought in 2013

Lowe's announced on Wednesday in its second-quarter earnings release that it will close all 99 locations of subsidiary Orchard Supply Hardware.

The stores are generally concentrated in California and Oregon, but there are some locations in Florida. Lowe's will also close the Tracy, California, distribution center that served the stores.

Lowe's said it made the decision to close the stores due to a "strategic reassessment" and a drive to "

Lowe's also announced lowered financial expectations for the rest of the year, cutting expectations for both profits and sales.

"Exiting Orchard Supply Hardware and rationalizing inventory are the driving force behind the changes to Lowe’s business outlook," Lowe's CEO Marvin Ellison said in a statement.

Ellison became CEO in July. Lowe's recently announced it had hired a new CFO, David Denton, formerly of CVS.

Employees were told of the shutdown on Tuesday. Orchard Supply Hardware stores will start liquidation sales on Thursday, and all stores are expected to be closed by the end of the year, Lowe's said.

The store closures eliminate positions for around 4,300 workers, CNN Money reported.

Lowe's acquired Orchard Supply Hardware for $205 million in 2013, after it had been spun off by Sears in 2011 and filed for Chapter 11 bankruptcy protection.