With the slumping housing market still weighing heavily on its core customer, Lowe’s says it will shut down 20 stores in 15 states. And instead of opening 30 new stores per year, it intends to open just 10 to 15 per year going forward.
"Closing stores is never easy, given the impact on hard-working employees and local communities," said Robert A. Niblock, chairman/CEO in a statement. "However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position. The Mooresville, N.C. retailer says some 2000 employees will be affected.