In addition, after completing a comprehensive review of its pipeline of
proposed new stores, the company announced it has discontinued a number
of planned new store projects. Lowe's now expects to open 10 to 15
stores per year in
The expected financial impact of today's announcements of
"Closing stores is never easy, given the impact on hard-working
employees and local communities," said
"Lowe's remains committed to making strategic investments and focusing resources in a manner that will generate the greatest shareholder value, enhance the customer shopping experience and create sustained customer loyalty over the long term," added Niblock.
Approximately 1,950 employees will be affected by these closings. Employees will receive pay and benefits for 60-90 days. In addition, Lowe's will be working with local government agencies to help employees with outplacement assistance.
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
For additional facts about these announcements, visit store closings and discontinued projects fact sheet.
With fiscal year 2010 sales of
Source:Lowe's Companies, Inc.