Brought to you by WBIW News and Network Indiana
Last updated on Tuesday, October 18, 2011
(BEDFORD) - Lowe’s announces it’s closing stores and cutting jobs.
The home improvement retailer will close 20 under performing stores in 15 states and cut more than 1900 hundred jobs. Ten stores were closed Sunday, and 10 more will close in a month. It is unclear if Bedford will be one of those stores.
The company says the move will allow it to focus on more profitable locations.
Starting next year, the North Carolina-based company will only open 10 to 15 stores a year, that's down from the 30 stores it normally opens yearly.
The company's second quarter net income was nearly flat.
Lowe's says shoppers worry about the economy has hurt demand.
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