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Lowe's closes stores, slashes new store plan
Reuters ^
| October 17, 2011
| Phil Wahba
Posted on 10/17/2011 6:31:30 AM PDT by Beaten Valve
Lowe's Cos Inc (LOW.N) said on Monday it is closing 20 of its U.S. stores, eliminating nearly 2,000 jobs, and the home improvement retailer now plans to open far fewer locations in the future, citing the need to improve its profitability.
Lowe's, which operates about 1,700 stores in the United States, said it closed 10 stores on Sunday and would close another 10 within a month. The expenses associated with the closing will come to 17 cents to 20 cents per share.
Some 1,950 workers will lose their jobs.
(Excerpt) Read more at reuters.com ...
TOPICS: News/Current Events
KEYWORDS: economy; jobs; lowes; unemployed
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Obama-nomics in action...
To: Beaten Valve
2
posted on
10/17/2011 6:34:38 AM PDT
by
RedCell
(Honor thy Father (9/6/07) - Semper Fi / "...it is their duty, to throw off such government...")
To: Beaten Valve
A tornado destroyed ours in April. They opened the new one Sept. 9. Glad we didn’t lose it for good.
3
posted on
10/17/2011 6:36:23 AM PDT
by
GoDuke
To: Beaten Valve
Closing 20 out of 1700 stores. That’s like 1% nationwide.
To: Beaten Valve
5
posted on
10/17/2011 6:40:29 AM PDT
by
RedCell
(Honor thy Father (9/6/07) - Semper Fi / "...it is their duty, to throw off such government...")
To: Beaten Valve; All
Here is Florida, as I’m sure is true in much of the rest of the country, it seems that Loewe’s and Home Depot are very often close to each other. I suspect that in some markets, there’s not enough volume to support two stores..or that one has an inherent location advantage..i.e. closer to a highway...this is just careful pruning..and good corporate strategy..
6
posted on
10/17/2011 6:41:50 AM PDT
by
ken5050
(Cain/Gingrich 2012!!! because sharing a couch with Pelosi is NOT the same as sharing a bed with her)
To: Beaten Valve
Let me guess ... Lowes doesn’t support democrat politicians.
7
posted on
10/17/2011 6:42:02 AM PDT
by
OldNavyVet
(One trillion days, at 365 days per year, is 2,739,726,027 years ... almost 3 billion years)
To: Beaten Valve; tubebender
All because Jimmy Johnson hit the wall Saturday night.
8
posted on
10/17/2011 6:42:06 AM PDT
by
SouthTexas
(You cannot bargain with the devil, shut the government down.)
To: RedCell
The majority are lefty states.
9
posted on
10/17/2011 6:42:23 AM PDT
by
dforest
To: Beaten Valve
the home improvement retailer now plans to open far fewer locations in the future "Let's build fewer together?"
10
posted on
10/17/2011 6:42:37 AM PDT
by
1rudeboy
To: 1rudeboy
Our town has a Lowes and Home Depot right cross the highway from each other. Lowes is always busy, HD is always mostly empty. Not sure how our HD stays in business.
11
posted on
10/17/2011 6:48:07 AM PDT
by
sand lake bar
(I believe in Adam West's invisible hand.)
To: RedCell
It looks like the majority of the store closings will affect those in Obama states. So will the 2000 people that lose their jobs understand that Big Ears is largely responsible for their situation? Probably not.
To: sand lake bar
I used to comparison shop for like items by going to Lowe's, then HD across the street. After doing than I usually ended up back at Lowe's to buy.
13
posted on
10/17/2011 6:53:43 AM PDT
by
Hillarys Gate Cult
(Those who trade land for peace will end up with neither one.)
To: Beaten Valve
The stores affected by today's announcement are located in:
Los Banos, CA |
Biddeford, ME |
Old Bridge, NJ |
Westminster, CA |
Ellsworth, ME |
Batavia, NY |
Denver, CO |
Ionia, MI |
N. Kingstown, RI |
Aurora, IL |
Rogers, MN |
Emporia, VA |
Oswego, IL |
Claremont, NH |
S. Tacoma, WA |
Chalmette, LA |
Hooksett, NH |
Brown Deer, WI |
Haverhill, MA |
Manchester, NH |
|
14
posted on
10/17/2011 6:54:14 AM PDT
by
deport
To: Beaten Valve
I like Lowes and avoid Homo Depot.
15
posted on
10/17/2011 6:54:52 AM PDT
by
TSgt
(When in the Course of human events...)
To: ken5050
Same with ofice supply stores. I remember when Office Depot opened in Santa Maria, CA. Not long after that, Office Max opened, then Staples. Definitely overkill for a city of that size. Office Max is long gone, not sure about O.D., since we moved away six years ago.
One of the sad things is that the small, independent family-owned office supply store that had been operating for years closed its doors as a result of the big box stores.
To: Beaten Valve
Tip: to get 10% off your next purchase at Lowe’s, get a change of address packet from the post office. It has a coupon.
17
posted on
10/17/2011 6:57:42 AM PDT
by
Atlas Sneezed
(Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
To: Beaten Valve
The Obama Recovery continues unimpeded.
18
posted on
10/17/2011 6:58:12 AM PDT
by
RobertClark
(It's better to look goofy with a rifle, than civilized with an exit wound.)
To: Beaten Valve
I shop at Menard’s- I refuse to go where the whole place is signed in two languages.
To: RedCell
Thanks for the list.. I was wondering if my local store was in the list....(It’s not)
20
posted on
10/17/2011 7:04:02 AM PDT
by
tje
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