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Lowe's closes 20 stores and cuts plans for new locations

Consumer Reports News: October 17, 2011 01:53 PM

Lowe's has announced that it is closing 20 of its home-improvement stores in 15 states, with half of those locations already shuttered by the end of business yesterday. The other 10 locations will shut down in about one month's time.

In a press release, Lowe's said that the 20 locations that are closing, were underperforming. The 20 stores on the cutting block were located across the country, from Maine to California. The other planned locations that have since been cutback were going to span North America.

Lowe's said that it now expects to open 10 to 15 stores per year in North America from 2012 forward, compared to a prior assumption of approximately 30 stores per year. The company said it also still plans to open approximately 25 stores in 2011.

The second-largest home-improvement retailer in the U.S. behind Home Depot, Lowe's reports having more than 1,725 stores in the U.S., Canada and Mexico.

Also in the news today, Lowe's has just launched MyLowe's, an online shopping tool. check out our full coverage at With MyLowe's retailer hopes to be your go-to store.

Lowe's Closing 20 Underperforming Stores [Lowe's]

Maggie Shader

   

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