According to ABC News, home improvement giant Lowe’s is set to make a huge jobs cut now and within this month.
Before they began making cuts, Lowe’s was set to open 30 new stores annually starting in 2012 throughout the country. Now, they will only anticipate opening 10 to 15 stores annually.
On Monday, Lowe’s announced that they will be closing 20 underperforming stores in 15 different states across the country and will cut 1,950 jobs. Lowe’s is the number two home improvement supply store after Home Depot and says that the cuts will allow them to focus on locations that are more profitable for them.
Lowe’s stated in August of this year that because of harsh weather and a hurt economy they were not making as much money as previous years. The AP reported that their profit was just about flat in the second quarter of the year and lowered their yearly sales forecast.
Before the set closures, Lowe’s operated 1,725 stores throughout the United States. For Lowe’s, this may be a financial strategy but for the unemployed it is another bump in the job market road.
SOURCE: ABC News