Lowe's laying off about 1,700 managers, adding weekend staff

Morrisville, N.C. -- Lowe's Cos. announced Tuesday that it is laying off approximately 1,700 middle managers across the United States in an effort to cut costs as its profit trains rival The Home Depot. The retailer also plans to add 8,000 to 10,000 weekend sales assistants to improve staffing during its stores’ busiest times.

"We are streamlining our store management team -- creating assistant manager positions (four to six per store) and placing members of the existing management team in those positions," company spokeswoman Julie Yenichek told Reuters.