Mooresville, NC — Lowe’s Companies, Inc. is closing 20 underperforming stores in 15 states. Ten locations closed at the end of business on October 16.
Mooresville, NC — Lowe’s Companies, Inc. is closing 20 underperforming stores in 15 states. Ten locations closed at the end of business on October 16. The remaining 10 locations will close within approximately one month, following an inventory sell-through.
In addition, after completing a comprehensive review of its pipeline of proposed new stores, the company has discontinued a number of planned new store projects. Lowe’s now expects to open 10 to 15 stores per year in North America from 2012 forward, compared to a prior assumption of approximately 30 stores per year. The company is on track to open approximately 25 stores in 2011, as planned.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” says Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.”
Approximately 1,950 employees will be affected by these closings. Employees will receive pay and benefits for 60-90 days.
The stores affected by the announcement are located in:
• Los Banos, Calif.
• Westminster, Calif.
• Denver
• Aurora, Ill.
• Oswego, Ill.
• Chalmette, La.
• Haverhill, Mass.
• Biddeford, Me.
• Ellsworth, Me.
• Ionia, Mich.
• Rogers, Minn.
• Claremont, N.H.
• Hooksett, N.H.
• Manchester, N.H.
• Old Bridge, N.J.
• Batavia, N.Y.
• N. Kingstown, R.I.
• Emporia, Va.
• S. Tacoma, Wash.
• Brown Deer, Wis.
Lowe’s Companies, Inc. currently has more than 1,725 home improvement stores in the United States, Canada and Mexico. For more information, visit Lowes.com.