Lowe’s closing 20 stores
Posted: Monday, October 24, 2011 7:01 pm
MOORESVILLE, N.C. (AP) — Home-improvement retailer Lowe’s Cos. says it will close 20 underperforming stores in 15 states and cut 1,950 jobs in a move it says will let it focus on more profitable locations.
Ten stores closed Oct. 16; 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 open 10 to 15 stores in North America annually beginning in 2012, less than half the 30 the company previously expected to open per year. It will open 25 stores this year.