Lowe’s to close 20 stores, cut 2,000 jobs

Mooresville, NC, United States (AHN) – Looks like things are not improving at the home improvement retailer Lowe’s.

The Mooresville, NC-based company closed 10 underperforming stores Sunday. The retail giant said it plans to close another 10 stores in a month’s time in 15 states and eliminate 1.950 jobs. Before the closure, Lowe’s operated 1,750 stores nationwide.

The company said the move will allow it to focus on more profitable locations. Lowe’s also announced that it would cut the number of stores it opens annually in North American to between 10 and 15 starting in 2012 from the projected 30.

In August, Lowe’s warned that weather conditions and consumers worries about the ailing economy were hurting traffic and sales at its stores, and the company lowered its yearly forecast.

Shortly after 1 p.m. Monday, with the Dow down almost 200 points, shares of Lowe’s were up nearly 1 percent trading at $21.

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