Lowe’s scales back openings, closing 20 underperforming stores
Mooresville, N.C. -- Lowe's Cos. announced Monday it will open 10 to 15 stores annually in North America from 2012 forward, down from its prior target of 30 stores, and will close 20 underperforming locations. The chain is on track to open 25 stores as planned in 2011.
The stores scheduled to be closed are in 15 states, ranging from California to Maine. The closings will impact some 1,950 employees.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” said 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.