Lowe’s closes stores, slashes new store plan


By Does It Figure
10 17 2011

Does it figure, close twenty stores, cut nearly Two thousand JOBS, then start in 2012 and open TEN to Twenty new stores per year, where does all this Education come in, well lets put it this way, College Education only produces greed not an Education.

And when you read the rest you will see that there is more to come, and what is Obama doing about it, wasting taxpayer money flying all over trying to get reelected saying that he has a jobs bill that will put people back to work, HAS ANY ONE SEEN THAT JOBS BILL that he says he has, or is it just talk like every thing else, all talk.

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By Phil Wahba in New York, editing by Dave Zimmerman
Mon.10 17 2011

NEW YORK (Reuters) – Lowe’s Cos Inc 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.

It also said it plans to open only 10 to 15 new North American stores per year starting in 2012, down from a previous goal of 30.

Chief Executive Robert Niblock said in a statement that the company has to “make tough decisions” to improve profitability.

Lowe’s reduced its full-year sales and profit outlook in August as U.S. homeowners put off renovations.

Lowe’s becomes the latest retailer to pare the number of stores it operates amid tepid consumer demand.

Gap Inclast week reaffirmed a plan announced in June to close 200 out of its 889 namesake U.S. stores while luxury retailer Saks Inchas closed seven of its department stores in the past two years and plans to eventually close a few more over time.

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Categories: America, Democrats, Financial Crisis, Governments, GREED, JOBS, Money, Obama, People, Politics, Republicans, Taxes, Unemployed, White House | Tags: , , , , , , , , , , , | 1 Comment

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One thought on “Lowe’s closes stores, slashes new store plan

  1. Pingback: Lowe’s closes stores, lays off 1,950 workers | Today's Top News

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