Lowe's Store Closings With 1,950 Job Losses Not Worthy

NewsBusters ^ | 17 Oct 2011 | Tom Blumer

[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):

[preacher]

Complete list of the Lowe’s stores that are closing.

[Rich21IE]

My two cents: heard on CNBC just last week that Home Depot is doing considerably better than LOWES as Home Depot has concentrated on the “retail” fixer-upper as opposed to the “contractor” window. From AP today: “shares of Lowe’s have been underperforming its rival, The Home Depot since mid-April. Year-to-date, shares of The Home Depot are down about 1%, while Lowe’s is down nearly 17%”.

On the other hand, closing 20 stores outa 1700 isn’t a whole lot indicative of much of anything to me other than they’re identifying underperforming markets and are playing catch up to HD. Interesting side note: they both pay a near 3% dividend.

[Viktor1959]

Here, Lowe’s hires many Croatians/Romanians who can’t even speak English. Hard to believe when so many Americans need work, but the argument is that they can’t fill the jobs with American citizens. Sad.
.

[manc]

Home depot is doing great with then homosexuals considering that homo depot goes and gives money to their agenda, has stalls at their freak parades and goes to the homosexual job fairs.

Yea Homo depot, the place where homosexuals get their money to further their agenda like teaching homosexuality in schools to little 5 year olds.

Sorry but my money does not go to there anymore.

http://action.afa.net/item.aspx?id=2147496231

[Sarajevo]

I tend to patronize Lowe's more often than HD only because my neighbor works at Lowes. OTT, I see them as the same store, same stuff, with a different color theme.

I'm not a fan of these big-box franchise stores. Everywhere I see Home Depot, I can find a Lowe's nearby. The same goes for Dollar General and the Dollar Store, McDonald's and BK, Church's and KFC, etc, etc, etc. It's the epitome of over-development.

[Bubba Ho-Tep]

I honestly see this as no big deal. Lowe’s is basically closing 1% of their stores.

Exactly. I was stunned to learn that Lowes has over 1700 stores. I work in the marketing department in the home office of a retailer and we're constantly adjusting our store count, closing underperforming locations and opening new ones. A press release history on Lowes' website says that they're opening a store a week, and it sounds like they fell into one of the classic retail problems: over-expansion.

[manc]

you ever see the homo depot AD’s

Nah I bet you won’t because they don’t want you to see where your money goes.

http://action.afa.net/item.aspx?id=2147496231

enjoy these sick AD’s and now you can never wonder where your money goes when you spend it in homo depot

[Venturer]

I was thinking the same thing. Mostly the North east, the ones with the First Primary.

[manc]

homo depot

http://action.afa.net/item.aspx?id=2147496231

where no true conservative or republican will give their money after they have made fun and fired Christians, appease illegals and now support with your money the homosexual parades, floats

\funny hey how they’re proud sponsors of the queers and yet they will not show the public where their customers money goes to .

I drive an extra 30 miles to to got Lowes just so I won’t spend my money in that liberal pro homo, pro illegal hell hole where the staff on the whole are on par with the best buy staff

[manc]

don’
t listen to most of them or watch them now because they’re cowards on conservative social issues.

With out a traditional family which has been the back bone of this country then all the country breaks down.

These pundits are happy to take money like Hannity but will not speak up on half of the conservative movement or views

[stefanbatory]

what the economists failed to take into account is that those holding the bag for the most part are baby boomers who are in the largest home they will own. Their kids will soon move away to start their own lives if they haven’t already begun to do so. This means that they will not be adding on. Why would they need more space for fewer people? Of course, when junior comes back to live with mom and dad due to all the hope change flying through the oscillating airfoil, Perhaps then there will be some home improvement occurring. Then again, perhaps they will just rent their own place because Mrs. Junior can’t stand living with her mother-in-law...

[FreeAtlanta]

Obama’s depression.

I am really sorry about this. I want a recovery as soon as possible.

[Raycpa]

10 bad stores out of 1,950? That is very good record on demographic studies for placing their stores.

[SevenofNine]

They didn’t say Bender

I wonder myself

[SevenofNine]

They didn’t say Bender

I wonder myself

[Vision]

In my area Lowes is better than HD.

[G Larry]

In the South Metro Denver area, they are NOT near H.D.

[teenyelliott]

Mostly BLUE STATES...........

Exactly what I was thinking. Conservatives prefer to do things for themselves, libs prefer to have others do the work.

[TheOldLady]

Click the Kitteh

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[YankeeinOkieville]

Lowe's has also restructured and consolidated districts and regions with layoffs at the upper salaried manager levels. Within the last month about 8 regional managers have been let go by the company along with a number of operational managers, loss prevention managers, installed sales managers, etc.

On the sales floor, staffing is cut to the bare bones, putting more and more work onto fewer and fewer employees. The stress is felt at all levels. Store managers and ASMs who used to be nice people are uptight and snippy. People who can't take it are quitting making the situation even more stressful in the stores. For the rest who are left .... well, the hamster can only churn his wheel so fast. Ya know?