Lowe's to Close 20 Underperforming Stores

MOORESVILLE, N.C.--Lowe's said it is shutting down 20 underperforming stores in 15 states.

Ten locations closed last week. The remaining 10 stores will close within about one month, following the sell-through of their inventory. The closings are taking place in California, Colorado, Illinois, Louisiana, Massachusetts, Maine, Michigan, Minnesota, New Hampshire, New Jersey, New York State, Rhode Island, Virginia, Washington State and Wisconsin.

The home-improvement retailer added that it is scaling back on planned store openings down the road. It said it now expects to open 10 to 15 new stores a year in North America from 2012 forward, compared to its prior projection of about 30 new stores a year. Lowe's still expects to open 25 new stores by the end of this year, the company said.

Robert Niblock, chairman, president and CEO, said Lowe's has "an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position. Lowe's remains committed to making strategic investments and focusing resources in a manner that will generate the greatest shareholder value, enhance the customer shopping experience and create sustained customer loyalty over the long term."

For the first half of this fiscal year, Lowe's posted a 2.2 percent drop in net income, to $1.3 billion, and flat net sales of $26.7 billion.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017

    HFN's DIGITAL EDITION

    September 2017


    COVER STORY:

    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    ALSO IN THIS ISSUE:

    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.