Lowes to close 20 Stores in 15 States within the next Month

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(Best Syndication News) - Lowes Companies, Inc. (NYSE:LOW) announced today the closure of 20 stores in 15 states. These stores were under-performing, the company said. Ten of the stores were already closed at the end this Sunday, October 16, 2011. The remaining stores will be closed in around the next month.

The store closures will cause 1,950 employees to be out of work. The company said that these employees would get 60- 90 days worth of pay and benefits. The company will work with local government agencies to help the displaced employees.

Two stores in California are closing; the Los Banos, and Westminister locations. In Illinois, Lowes stores in Aurora and Oswego will be closed. The Biddeford, and Ellsworth stores in Maine will close. In New Hampshire, three stores will be closed, Claremont, Hooksett, and Manchester locations. The remaining stores that are closing are in Denver, CO; Chalmette, LA; Haverhill, MA; Ionia, MI; Rogers, MN; Old Bridge, NJ; Batavia, NY; N. Kingstown, RI; Emporia, VA; S. Tacoma, WA; and Brown Deer, WI.

Lowes will continue to open new stores. There are 10 to 15 locations planned in North America for 2012. This number is less than the previous estimates of 30 planned locations. Lowes expects about 25 new stores will open this year.

By: Tom Madison

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