Lowe's to Close 20 Stores, Cut 1,950 Jobs

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Lowe's to close 20 storesMOORESVILLE, N.C. –– Home-improvement retailer Lowe's (LOW) 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 said it 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.

Stores to be closed include:

CALIFORNIA
Los Banos

Westminster
COLORADO
Denver
ILLINOIS
Aurora
Oswego
LOUISIANA
Chalmette
MAINE
Biddeford
Ellsworth
MASSACHUSETTS
Haverhill
MICHIGAN
Ionia
MINNESOTA
Rogers
NEW HAMPSHIRE
Claremont
Hooksett
Manchester
NEW JERSEY
Old Bridge
NEW YORK
Batavia
RHODE ISALND
N. Kingstown
VIRGINIA
Emporia
WASHINGTON
S. Tacoma
WISCONSIN
Brown Deer


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Ed_Olivas

Very sad times but like my boss Fred Cassi says if the ship is going down grab all you can while you can. I’m fast tracked to zone four and hope to get a bonus check or two before we sink. Fred has every member of his family over 17 picking up a check from Lowe’s and feelers out to friends still back at Depot. Hope he gets good news I may need a friend at Depot soon myself.

October 18 2011 at 8:38 AM Report abuse rate up rate down Reply
jhrochesterny

Well I hate to see any American company close any store, but I do work at the Home Depot and the store thats closing in New York is across the street from one of the HD stores in my district, so thats good for us bad for them, still sorry to see them go, the store wasnt open but a few years. Maybe that shows who has the best customer service?

October 18 2011 at 12:12 AM Report abuse rate up rate down Reply
eaglea27

We desperately need a Lowe.s in lower Westchester NY. all we have are Home Depot's I think Lowe's is a nicer store
They would do well

October 18 2011 at 12:07 AM Report abuse rate up rate down Reply
usaguy45

Just heard this afternoon the Lowe,s in Aurora,IL and Oswego,IL are now permanently closed.Just bought a JD lawn tractor a couple of months ago.Had on problem with the Oswego store sad to see it close,well I guess I will go to other home improvement stores from now on I guess,

October 17 2011 at 10:52 PM Report abuse rate up rate down Reply
psridgell

One store in the South, the South is doing fine, it is union states that FAIL !

October 17 2011 at 10:23 PM Report abuse rate up rate down Reply
1 reply to psridgell's comment
jhrochesterny

Union has nothing to do with it, both Home Deot and Lowes are most definitely anti union and the NY store isnt in a heavily unionized area its mostly farm country, but with a Home Depot directly across the street I always wondered how they could both survive in a small town. Now I know.

October 18 2011 at 12:17 AM Report abuse rate up rate down Reply
1 reply to jhrochesterny's comment
gsandersjr

He is refering to Confederate south vs Union north as in Civil War.

October 18 2011 at 12:33 AM Report abuse rate up rate down
gbelter777

Our economy is a shrinking violet.

October 17 2011 at 9:57 PM Report abuse rate up rate down Reply
2 replies to gbelter777's comment
gsandersjr

Hope and Change, we got what they voted for.

October 18 2011 at 12:34 AM Report abuse rate up rate down Reply
lom317@aol.com

People don't know how hard it is to do business with Lowes. My company stopped because we hardly ever got paid on time and even up to a year later Lowes would take credit for something they ordered. We finally notified them, we would no longer do business with them. It not only freed up our people to do business with other wholesales such as Lowes, it also freed up our accounting who were constantly sending invoices Lowes requested in order for them to delay paying.

October 18 2011 at 3:38 AM Report abuse -1 rate up rate down Reply
Kevin

And just a few short weeks ago Lowe's Home Improvement Center announced that it was buying back $5 Billion of it's complany's stock.
Tax breaks for the 'job creators' FAIL!

October 17 2011 at 9:23 PM Report abuse rate up rate down Reply
Graydonpow

They HAVE to close stores and ruin 1,950 people's lives! Their CEO demanded a bigger Christmas bonus for himself this year!! How is he supposed to enjoy his yacht if some of his employees don't lose their homes?!?

OCCUPY WALL STREET!!!!

October 17 2011 at 9:01 PM Report abuse +5 rate up rate down Reply
4 replies to Graydonpow's comment
ellwood145

Wow 12 of those states are from the north. Not a good sign

October 17 2011 at 8:56 PM Report abuse rate up rate down Reply
1 reply to ellwood145's comment
tony

Huh? They`re all in north America.

October 17 2011 at 9:16 PM Report abuse rate up rate down Reply
hlmhoover

its hard to go to a store and spend money that you dont have.

October 17 2011 at 8:50 PM Report abuse +3 rate up rate down Reply