Lowes Companies, Inc., which operates home center stores nationwide, says it is closing 20 underperforming stores in 15 states. The closings will result in the loss of nearly 2,000 jobs.
Half of the 20 stores closed at the end of business Sunday. The other ten will close over the next month, the company said.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” said Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.”
Lowes has been a victim of the three-year and counting housing recession. Home center stores like Lowes and rival Home Depot thrive when the real estate market is doing well because more consumers are purchasing homes and making improvements.
The closed stores are in the following markets:
- Los Banos, CA;
- Westminster, CA;
- Denver, CO;
- Biddeford, ME;
- Old Bridge, NJ;
- Ellsworth, ME;
- Batavia, NY;
- 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; and
- Manchester, NH.
In addition, Lowes is scaling back the number of new stores is plans to open in the future. The company announced it has discontinued a number of planned new store projects and now expects to open 10 to 15 stores per year in North America from 2012 forward, compared to a prior assumption of approximately 30 stores per year. The company is on track to open approximately 25 stores in 2011, as planned.
Sue Roy Smith (Mon, 17 Oct 2011 20:34:23 +0000): Some Lowe's lights will be going off, but not the lights near Janet St.
Rich Turner (Mon, 17 Oct 2011 21:15:48 +0000): Yesterday I went to My local Lowes "south Boston, Va.
they have very llittle stock---and the (3) things I needed they don't carry any more.
sadly I went to tractor supply & got them.
Evelyn S. Hlabse (Tue, 18 Oct 2011 00:16:56 +0000): They are only closing non producing stores and they still plan to open more stores next year - 2012.
Tom Morofski (Tue, 18 Oct 2011 03:12:04 +0000): Lowe's is far superior to Home Depot, and, unlike Home Depot does, Lowe's does NOT financially support gay pride parades all accorss the country with youth indoctronation booths run by Home Depot employees. Each and every U.S. citizen has the right to CHOOSE whatever lifestyle they wish to practice without interferance from government. That said, every honest and clear-thinking American who knows and believes that the homosexual lifestyle these people choose is wrong and immoral, AND, we also have the right to voice our beliefs and opinions. Don't agree? Attend the San Francisco or New Orleans gay pride parade in it's entirity... then let's talk! Lowe's... the best by far of these two companies.
Wise companies and corporations "stick to their own businesses" and stay away from personal type prefrenances of lifestyle. IN GOD WE TRUST --- ONE NATION UNDER GOD.
James Fox (Tue, 18 Oct 2011 14:24:31 +0000): Look at this uneducated moron!
"every honest and clear-thinking American who knows and believes that the homosexual lifestyle these people choose is wrong and immoral"
Tom Morofski? What does Lowes lack of success have to do with CIVIL RIGHTS? Additionally every honest and clear-thinking American has more to worry about then why other people are doing in their PERSONAL BUSINESS!! 
Joe Coggin (Tue, 18 Oct 2011 11:23:02 +0000): Lowes also supports Veterans with their discount program.. Home Depot SOMETIMES does, depending on what store you shop. Lowes by far is my choice also.
Bill Foster (Sun, 23 Oct 2011 23:35:43 +0000): Lowe's got greedy and had to put a store next to a HD everywhere. Some places do not have enough population to support the 2 stores, so first come should survive and to heck with greed. I worked at both and I like HD better. Lowe's does not do a good job training their people. They nalso put employees in departments they NOTHING about. Why would you put a person with plumbing back ground in the electrical dept? Or put a retired electrition in the hardware dept? WTF is with that?