Lowes Store Closings 2011
October 17, 2011 by staff
Lowes Store Closings 2011, Lowe Cos Inc said Monday it is closing 20 of its U.S. stores, eliminating about 2,000 jobs, and home improvement retailer plans to open and places much less in the future, citing the need to improve profitability.
Lowe, which operates about 1,700 stores in the United States said on Sunday closed 10 stores and about 10 in a month. The costs associated with closing reach 17 cents to 20 cents per share.
Some 1,950 workers will lose their jobs.
He also said it plans to open 10 to 15 new stores a year to U.S. from 2012, below the previous target of 30.
Chief Executive Robert Niblock said in a statement the company has to “make tough decisions” to improve profitability.
Lowe cut its annual sales and earnings outlook in August, when U.S. homeowners postpone renovations.
Lowe becomes the last shop to cut the number of stores that operates amid tepid consumer demand.
Gap Inc reaffirmed last week in June announced a plan to close 200 of its 889 U.S. stores the same name, while luxury retailer Saks Inc closed seven of its department stores in the last two years and plans to eventually close a little more time.
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