The under performing stores are located in 15 states. Nearly 1,950 people will lose their job as a result of closing. Lowe’s operated 1,725 stores before the closures.
However, the home improvement giant will continue to open new stores annually, albeit less than usual. Lowe’s expects to open 25 stores this year (down from the 30 it usually opens), and 10 to 15 starting in 2012.
The closures will cost the company about 17 to 20 cents per share.
To read the full article, visit http://www.usatoday.com/money/industries/retail/story/2011-10-17/lowes-closes-stores/50801252/1