US home improvement retailer Lowe’s to close 20 stores in 15 states, affecting 1,950 employees

By on Oct 18, 2011 in Business, Lifestyle, North America, United States Comments

Lowe’s Companies, Inc., a home-improvement retailer in the US, announced on Monday, October 17, 2011 that they will be closing 20 underperforming stores in 15 states.

Lowe’s Home Improvement logo
Image Credit: Lowe’s Facebook

As noted by Lowe’s on its official website, ten Lowe’s stores were closed last Sunday, October 16 and 10 more stores will be closed within about a month, affecting around 1,950 employees.

“Closing stores is never easy, given the impact on hard-working employees and local communities,” Lowe’s Chairman, President and CEO Robert A. Niblock said on the press release.

“However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.” Niblock added, noting that Lowe’s commitment to its shareholders and customer remains the same.

Meanwhile, the company said it now expects to open 10 to 15 new stores annually in North America starting 2012, as compared to their earlier assumption of about 30 stores a year.

Nevertheless, Lowe’s noted that the affected employees will receive pay and benefits for 60-90 days and the company will work with local government agencies to help them in finding new jobs.

According the company, they are expecting $0.17 to $0.20 per diluted share for the financial impact of the closing of their stores for its business outlook for the fiscal year 2011, which was included in their second quarter earnings released last August 15.

Below is the list of the location of their 20 stores affected by the closure, as taken from their official website,

1. Los Banos, California
2. Westminster, California
3. Denver, Colorado
4. Aurora, Illinois
5. Oswego, Illinois
6. Chalmette, Louisiana
7. Haverhill, Massachusetts
8. Biddeford, Maine
9. Ellsworth, Maine
10. Ionia, Michigan
11. Rogers, Minnesota
12. Manchester, New Hampshire
13. Claremont, New Hampshire
14. Hooksett, New Hampshire
15. Old Bridge, New Jersey
16. Batavia, New York
17. N. Kingstown, Rhode Island
18. Emporia, Virginia
19. S. Tacoma, Washington
20. Brown Deer, Wisconsin

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