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Lowes Company - 1,950 Workers Layoffs / Affected by Store Closings

By: capt_nemo in ROUND | Recommend this post (0)
Mon, 17 Oct 11 5:57 PM | 47 view(s)
Boardmark this board | De's Test Board 		Msg. 35525 of 45651
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By Steve Gelsi

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NEW YORK (MarketWatch) -- Lowe's Cos. LOW +2.05% said Monday it will lay off 1,950 employees as part of a plan to close 20 "underperforming" stores. The changes will impact the retailer's earnings by 17 cents to 20 cents a share. Lowe's also said it will open 10 to 15 stores a year in North America from 2012 forward, down from its prior target of 30 stores a year. In 2011, Lowe's will open 25 stores, as planned. "We have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position," the Mooresville, N.C., hardware and construction product seller said.

http://www.marketwatch.com/story/lowes-laying-off-1950-closing-20-stores-2011-10-17?link=MW_latest_news




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