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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...
1 posted on 10/17/2011 6:31:36 AM PDT by Beaten Valve
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To: Beaten Valve

The One is pleased.


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...")
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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
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To: Beaten Valve

Closing 20 out of 1700 stores. That’s like 1% nationwide.


4 posted on 10/17/2011 6:37:35 AM PDT by Zuben Elgenubi
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To: Beaten Valve

List of stores...

http://investor.shareholder.com/lowes/ReleaseDetail.cfm?ReleaseID=615133


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...")
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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)
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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)
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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.)
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To: RedCell

The majority are lefty states.


9 posted on 10/17/2011 6:42:23 AM PDT by dforest
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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
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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.)
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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.


12 posted on 10/17/2011 6:51:47 AM PDT by SailormanCGA72
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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.)
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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
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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...)
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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.

16 posted on 10/17/2011 6:56:44 AM PDT by Inspectorette
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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.)
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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.)
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To: Beaten Valve

I shop at Menard’s- I refuse to go where the whole place is signed in two languages.


19 posted on 10/17/2011 6:58:12 AM PDT by Last Dakotan
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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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