Lowe’s Closes 20 Stores, Cuts 1,950 Jobs
Home improvement giant Lowe’s Cos. said today it will close 20 underperforming stores in 15 states and cut 1,950 jobs.
Half of the locations closed yesterday while the others will be shut in a month, the Mooresville, N.C. company said today in a statement. Lowe’s, the No. 2 building supply chain after Home Depot, said the move will allow it to focus on more-profitable locations.
Before the closures Lowe’s operated 1,725 stores.
Lowe’s will only open 10 to 15 stores in North America annually beginning in 2012, rather than the 30 it had expected to open.
In August, Lowe’s said volatile weather and shoppers’ worries about the economy hurt demand. Profit was nearly flat in the second quarter and the company lowered its yearly sales forecast, the AP reported.
The stores affected are in: Los Banos, CA, Biddeford, ME, Old Bridge, NJ, Westminster, CA, Ellsworth, ME, Batavia, NY, Denver, CO, Ionia, MI, N. Kingstown, RI, Aurora, IL, Rogers, MN, Emporia, VA, Oswego, IL, Claremont, NH, S. Tacoma, WA, Chalmette, LA, Hooksett, NH, Brown Deer, WI, Haverhill, MA, and Manchester, NH.