Lowe’s will close 20 stores, cut 1,950 jobs, and open fewer new stores
submitted 223 days ago by HouTex in "Stores / Merchants"
Home Improvement Retailer Lowe's has already closed 10 under-performing locations, and plans to close 10 more within a month. This move will affect 1,950 jobs.
Lowe's operated 1,725 stores before the closures and planned to open 30 new stores per year.
But now that number will be reduced to 25 new stores this year and 10-15 annually after that.
I imagine contracts were signed and these new stores were already under construction in areas they believe (from their market research) will be successful. They were only able to cancel 5 of the 30 planned for this year, the others are probably already open or ready to open.
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