Lowe’s spares Carson in store closures
Home improvement company Lowe’s announced Monday that it is closing 20 “underperforming” stores nationwide – but the Carson City location is not one of them.
The nearest store to close is in Central California. Lowe’s expects the closures to cost about $345 million to $415 million, which includes the exit costs and employee terminations. It said about 1,950 employees will lose their jobs but they will receive pay and benefits for 60 or 90 days.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” said Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.”
Lowe’s still plans to open 25 stores this year across the country and keep a pace of opening 10 to 15 stores a year in North America from 2012 forward. It currently operates more than 1,725 stores in North America.