Lowe’s will close 20 stores, cut 1,950 jobs, plans to open fewer stores

[AngelinaCat]

Monday, October 17, 9:09 AM

MOORESVILLE, N.C. — Home-improvement retailer Lowe’s Cos. says it will close 20 underperforming stores in 15 states and cut 1,950 jobs in a move that it says will allow it to focus on more profitable locations.

Ten locations were closed Sunday; the other 10 will close in a month.

Before the closures Lowe’s operated 1,725 stores.

Lowe’s, based in Mooresville, N.C., also says it will only open 10 to 15 stores in North America annually beginning in 2012. Previously the company expected to open 30 stores per year. It will open 25 stores this year.

Lowe’s says the moves will cost it 17 cents to 20 cents per share in 2011.

In August, Lowe’s said volatile weather and shoppers’ worries about the economy hurt demand. Its net income was nearly flat in the second quarter and the company lowered its yearly sales forecast.
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Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

http://www.washingtonpost.com/business/lowes-will-close-20-stores-cut-1950-jobs-plans-to-open-fewer-stores/2011/10/17/gIQAxVBFrL_story.html

[tobee43]

more great news!! what a shame

[GoingDown]

This is bad news. I like Lowes. They are so much better than Home Depot, and have a much better selection of the lighting fixtures that I install for customers.

[AngelinaCat]

I'm wondering what they consider "under-performing" stores? I am concerned about our county--the highest unemployment rate in the state of Florida.

The Jacksonville radio station, WOKV, newscast said that no stores were being closed in "our area". I would like to know what THAT means? While our county is within the broadcasting range, their Powers-That-Be routinely ignore our county when giving local weather forecasts, etc.

The last thing our county needs is for another major employer to close...

[AngelinaCat]

This is bad news. I like Lowes. They are so much better than Home Depot, and have a much better selection of the lighting fixtures that I install for customers.

I'm right there with you. 'Hub and I prefer Lowes over HD, also.

[AngelinaCat]

I just heard on another radio station, WSB Radio in Atlanta, that most of the closings are in the North East. No stores are being closed in Georgia.... So hopefully Florida will be okay.

[HRx]

Nearly 12 years of economic recession will have an affect every business---obviously some industries will be greater affected than others. Friendly's is closing stores too.

[drowning123]

I agree. Friendlier staff and all. Cleaner too.

[IamOld]

Wonderful...more layoffs - remember guys the REAL unemployment rate is about 16% on the average and change...

[Freddy03]

The Friendly's near me just closed this weekend! It was open on day and the next gone. Same thing with Perkins. I also heard this weekend that The Gap is closing 700 stores nationwide.

[DYLAN150]

Yes, lowes is like first class compared to home depot sitting back in the cheap seats.

[AngelinaCat]

I learned that one of our local restaurants, a family business that has been in business for more than 36 years has closed.

[drowning123]

My mall in my town is a ghost town. Hair salon, Borders, few other stores all gone.

[andy158]

Lowes cuts 20 stores and 1,950 jobs

More encouraging "economic recovery" news.

http://www.kansascity.com/2011/10/17/3213524/lowes-will-close-20-stores-lay.html

[drowning123]

Sorry, andy. We had a thread going about this yesterday.