Lowe's closing 20 stores; 1,950 jobs lost
Lowe's has announced it is closing 20 stores nationwide. Ten of the locations closed Sunday, the rest will close within the month. The company says 1,195 jobs will be lost. This sign is on a Lowe's store in Charlotte, N.C., which is not closing. Credit: AP, 2006
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.
According to the company website, none of the closing locations are on Long Island. The only location in New York State is in upstate Batavia.
Ten locations were closed Sunday; the other 10 will close in a month. The company's website said employees who are losing their jobs will receive pay and benefits for 60 to 90 days. In addition, Lowe's will be working with local government agencies to help employees find new jobs.
Lowe's, based in Mooresville, N.C., also says it will only open 10 to 15 stores in North America annually beginning in 2012. The company had expected to open 30 stores per year. It will open 25 stores this year. Before the closures Lowe's operated 1,725 stores.
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 had affected demand. Its net income was nearly flat in the second quarter and the company lowered its yearly sales forecast.
The company's website listed store-closings in these communities: Westminster and Los Banos, Calif.; Biddeford and Ellsworth, Maine; Old Bridge, N.J.; Batavia, N.Y.; Denver, Colo.; Ionia, Mich.; Kingstown, R.I.; Aurora and Oswego, Ill.; Rogers, Minn.; Emporia, Va.; Claremont and Hooksett, N.H.; Tacoma, Wash.; Chalmette, La.; Brown Deer, Wisc.
