Skip to comments.Lowe's Store Closings With 1,950 Job Losses Not Worthy
Posted on 10/17/2011 12:13:01 PM PDT by mandaladon
It's a good thing I heard this on the radio at about 11:00 a.m., because I might otherwise have missed it. With yours truly's opinion along for the ride, I'll let readers judge whether the news of the Lowe's home improvement chain announcing that it will close 20 stores and cut its new store opening plans by one-half to two-thirds deserved to be in the top ten business stories at the Associated Press as of 12:52 p.m.
Lowe's to close 20 stores
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.
The front-page placement issue is important and becoming moreso, as news consumers get more of their news from computers, tablets and smartphones. If the headline doesn't show up on the electronic device (and it probably won't if it's not on the Business front page), users won't know to look for it.
Beyond that, the AP "somehow" decided not to include this pull quote which the Wall Street Journal found obviously newsworthy (the Journal also included the "severely cutting" opening slowdown in its headline):
(Excerpt) Read more at newsbusters.org ...
If ever there were a child of the housing bubble, Lowes is it.
How is Home Depot doing? Home Depot’s ad campaign always makes me want to go buy a can a paint or a shovel or SOMETHING. Lowe’s on the other hand, seems to push it’s big ticket items like appliances. Advertising does matter.
Where I live, Lowes is the only game in town. I’d have to drive 50 miles to another Lowes or home depot. But I suspect they are doing ok since there is still construction going on around here as many folks from the city (like me)seem to be creating their own Galt’s Gulch’s around here.
I’ve given them about three grand in the last two months.
After listening to Rush today, I'm beginning to wonder if our doom is certain? Sorry to be a wet blanket here. I think I need to take a break from the news, FreeRepublic, and anything politics.
I'm beginning to wonder if Rush has been looking for that land in New Zealand yet?
|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|
You are absolutely correct. The latest Lowe’s TV ads are PATHETIC. Dancing foolishness.
Primarily because they chose terrible store locations!
I’m in a large growing suburb and the 2 closest to me are each 12 miles away!
I have 2 Home Depot within 5 miles.....
I prefer Lowes because they give me a 10% military/veteran discount on every purchase. I don’t go to Home Depot because of their overt support of gay and lesbian events.
1st I’ve heard about Lowes.
This in an increasing home improvement period as home resales are in a ditch.
How does the CEO explain that?
Well, its nickname IS Homo Depot.
I prefer Lowes myself. But I’ll do anything to avoid the nasty guy who owns my tiny local hardware store.
Then, the game... must be afoot!
No, Shylock! The game's... being buried!
Mostly BLUE STATES...........
The stores affected by today’s announcement are located in:
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I thought in ‘obamaland’ that all business would have to remain open and double the employees so the jobless # would go down.
That way, the greedy owners and stockholders will become welfare distributors and we would be in the Utopia we dream of.
The ‘real energetic’ amongst us will have a regular non(high pay)job and a part time no(high pay) job.
So HOW DARE Lowes shut down because it is worried about their bottom line.
Maybe BO will just buy them out and them they can become ‘peoples stores’.
WE ARE DOOMED if this administration isn’t retired immediately.
We call ‘em “muster zones” in my area.
Gee, virtually all Dem strongholds . .
You may recall when the bubble burst three years ago, we had so-called economists predicting good times for the home improvement business, as many homeowners (that is, the ones not going through foreclosure proceedings) would be stuck where they were and would be more likely to add a room, remodel the kitchen, etc., instead of moving to a new and larger home.
So much for economic prognosticators.