Lowe's closing 20 stores, none in OR, 1 in WA

Print
Email
|

by Associated Press

kgw.com

Posted on October 17, 2011 at 10:35 AM

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 that it says will allow it to focus on more profitable locations.

Ten locations were closed Sunday; the other 10 will close in a month.

None of the Oregon stores were affected. A store in south Tacoma was on the list.

Before the closures Lowe's operated 1,725 stores.

Fourteen of the affected locations are in the Midwest and Northeast; none are in Texas.

Lowe's, based in Mooresville, N.C., also says it will only open 10 to 15 stores in North America annually beginning in 2012. Previously the company expected to open 30 stores per year. It will open 25 stores this year.

Lowe's says the moves will cost it 17 cents to 20 cents per share in 2011.

In August, Lowe's said volatile weather and shoppers' worries about the economy hurt demand. Its net income was nearly flat in the second quarter and the company lowered its yearly sales forecast.

Print
Email
|