Appliances and home improvement retailer Lowe’s Companies, Inc. is closing 20 underperforming stores in 15 states. It closed 10 stores on Sunday, Oct. 16, and will close 10 more locations within a month, resulting in about 1950 lost jobs.
The company also discontinued several planned new store projects. Lowe’s now expects to open 10 to 15 stores per year in North America from 2012 forward, instead of previous plans calling for 30 new stores per year. The company is on track to open approximately 25 stores in 2011, as planned.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” said Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.
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