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Lowe’s Closes 20 Stores, Cuts 1,950 Jobs

Alex Wong/Getty Images(MOORESVILLE, N.C.) -- Home improvement giant Lowe’s Cos. said Monday it will close 20 underperforming stores in 15 states and cut 1,950 jobs.

Half of the locations closed Sunday while the others will be shut in a month, the Mooresville, N.C., company said in a statement. Lowe’s, the number-two building supply chain after Home Depot, said the move will allow it to focus on its more profitable locations.

Before the closures, Lowe’s operated 1,725 stores.

Lowe’s will only open 10 to 15 stores in North America annually beginning in 2012, rather than the 30 it had expected to open.

The stores affected by Monday's announcement are located in Los Banos, CA; Biddeford, ME; Old Bridge, NJ; Westminster, CA; Ellsworth, ME; Batavia, NY; Denver, CO; Ionia, MI; N. Kingstown, RI; Aurora, IL; Rogers, MN; Emporia, VA; Oswego, IL; Claremont, NH; S. Tacoma, WA; Chalmette, LA; Hooksett, NH; Brown Deer, WI; Haverhill, MA; and Manchester, NH.

Copyright 2011 ABC News Radio

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