MOORESVILLE, N.C. (AP) — Home-improvement retailer Lowe’s Cos. says it will close 20 underperforming stores in 15 states and cut 1,950 jobs in a move that it says will allow it to focus on more profitable locations.

Ten locations were closed Sunday; the other 10 will close in a month. That number includes a store in Rogers, Minn.

Before the closures Lowe’s operated 1,725 stores.

Lowe’s, based in Mooresville, N.C., also says it will only open 10 to 15 stores in North America annually beginning in 2012. Previously the company expected to open 30 stores per year. It will open 25 stores this year.

Lowe’s says the moves will cost it 17 cents to 20 cents per share in 2011.

In August, Lowe’s said volatile weather and shoppers’ worries about the economy hurt demand. Its net income was nearly flat in the second quarter and the company lowered its yearly sales forecast.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments (14)
  1. Phil Usher says:

    Lowe’s could probably shutter a few more of their Twin Cities-area stores. I’ve been in a couple stores in the north metro where there were more employees than customers – on a Saturday afternoon. They are poorly managed with inept, rude employees. I don’t think they can compete with Menard’s and Home Depot. The market is oversaturated – time to thin the herd.

    1. Tom says:

      @ Phil Usher

      I agree. They put these hardware stores to close together. They had a Menards in Brooklyn Park, then up the road on Brooklyn Blvd they had a Home Depot then a few more miles a Lowes then up the road on Interstate 94 another Menards.

      1. Guy says:

        Try the Riverdale development up by Anoka – Home Depot, Menards AND Lowes all within 1 MILE .

        You can stand out at the end of Lowes driveway & SEE the signs for BOTH of the others (and vise versa)

  2. I'm Just Sayin' says:

    Sorry to see them leave Rogers. I have nothing but good experiences with Lowes in Rogers and Plymouth. The employees are always curtious and most appear to have some practicle experience, unlike the ones at Menards in Maple Grove or the Home Depot, also in Maple Grove. Good luck to all of you that work there in finding a new job.

    1. Changes says:

      I am with you on employees as they seemed to steal many of the better HD employees after the newness of the HD’s wore off around me.
      That said – there are waaaaay to many of these Big Boxes around now that the building boom has ended and maybe a cut down in overhead will lead to better pricing?
      Look for more monkey Menards to keep popping up … and they will keep getting bigger. Aggressive pricing, maybe improving lumber (?) and better choices seem to be in store. They are a force but I will miss Lowes

  3. FreddieBaby says:

    This country and our economy would be much better off if ALL big box stores went out of business and we went back to having many small retailers located in and serving specific neighborhoods or communities. Big boxes may have lower prices, but they pay crummy wages, they don’t pay decent benefits and they buy their products from foreign producers, which means less American jobs. They also wipe out small businesses in the areas that they locate. Overall, they are job and economy killers.

    1. SS Minnow says:

      freddie, are you taking a break from protesting wall street?

      1. lori says:

        Freddie is right. If he’s protesting Wall Street…Good, Glad to hear it. You should be too.
        I live in a small town of 1500. I buy at the grocery store and the Hardware Store and eat at the cafe. Thats what makes a community. Not the Big Box’s.

        1. Tom says:

          Yes Freddie is right. But you can also blame the cities as wll. If there is empty lot they will let anybody put something just to make money. Somettimes it works out and sometimes within a year the business closes.

  4. Boycotting says:

    Maybe the stores are losing business because there are those who are boycotting them on their pro GLBS stance. (I’m sure there are some who then go because of that, but they are on a boycott list.)

    1. B in MPLS says:

      GLBS? or GLBT?

      1. Tom says:


        This has nothing to do with any type of boycotting! Especially with GLBT people. Target faced heavy backlash from sort of thing but they weathered the storm. It’s all about location, location, location.

  5. Heidi dog says:

    The Lowes in Cambridge closed because of the big Menards across the street from Lowes and another Menards in Forest Lake and a Home Depot in Forest Lake! Not much profit for a store if the store allows people to steal from them and then take the stolen merchandise to another Lowes store and get cash from the other store!

  6. water conditioner vs. water softener says:

    Hi there, I found your website via Google while searching for a related subject, your site got here up, it seems good. I’ve added to favourites|added to my bookmarks.

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Watch & Listen LIVE