Skip to comments.Lowe's closes stores, slashes new store plan
Posted on 10/17/2011 6:31:30 AM PDT by Beaten Valve
Lowe's Cos Inc (LOW.N) said on Monday it is closing 20 of its U.S. stores, eliminating nearly 2,000 jobs, and the home improvement retailer now plans to open far fewer locations in the future, citing the need to improve its profitability.
Lowe's, which operates about 1,700 stores in the United States, said it closed 10 stores on Sunday and would close another 10 within a month. The expenses associated with the closing will come to 17 cents to 20 cents per share.
Some 1,950 workers will lose their jobs.
(Excerpt) Read more at reuters.com ...
The One is pleased.
A tornado destroyed ours in April. They opened the new one Sept. 9. Glad we didn’t lose it for good.
Closing 20 out of 1700 stores. That’s like 1% nationwide.
List of stores...
Here is Florida, as I’m sure is true in much of the rest of the country, it seems that Loewe’s and Home Depot are very often close to each other. I suspect that in some markets, there’s not enough volume to support two stores..or that one has an inherent location advantage..i.e. closer to a highway...this is just careful pruning..and good corporate strategy..
Let me guess ... Lowes doesn’t support democrat politicians.
All because Jimmy Johnson hit the wall Saturday night.
The majority are lefty states.
"Let's build fewer together?"
Our town has a Lowes and Home Depot right cross the highway from each other. Lowes is always busy, HD is always mostly empty. Not sure how our HD stays in business.
It looks like the majority of the store closings will affect those in Obama states. So will the 2000 people that lose their jobs understand that Big Ears is largely responsible for their situation? Probably not.
|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||Manchester, NH|
One of the sad things is that the small, independent family-owned office supply store that had been operating for years closed its doors as a result of the big box stores.
Tip: to get 10% off your next purchase at Lowe’s, get a change of address packet from the post office. It has a coupon.
The Obama Recovery continues unimpeded.
I shop at Menard’s- I refuse to go where the whole place is signed in two languages.
Thanks for the list.. I was wondering if my local store was in the list....(It’s not)
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