Lowe's Home Improvement to Close 20 Stores, Including Rogers
Lowe's will close Rogers location, with merchandise reductions on now.
Lowe’s Companies, Inc. announced today it was closing 20 “underperforming stores” in 15 states.
Nationwide, 10 Lowe’s Home Improvement stores were closed at the end of business Sunday, Oct. 16. The remaining 10 stores will close their doors within a month, the company said in a press release, following an “inventory sell through.” The Rogers location at 13800 Rogers Drive is the only Minnesota store on the list slated for closure next month.
A total of 109 employees, 63 full time and 46 part time, are expected to be impacted by the Rogers store closure, according to Lowe’s spokesperson Katie Cody. Nationwide, about 1,950 employees will be affected by the closings. Employees will receive the pay and benefits for 60 to 90 days, the company said in a press release.
The Rogers Lowe’s store exact closing date is actually undetermined at this point. The company will be “leaving the store open” to sell the inventory through a closeout, according to Cody. Merchandise will be discounted initially at 10 percent off starting this week, she said, and it usually takes about four weeks for inventory to be sold.
Maple Grove Lowe’s was spared, and will be expected to pick up the slack in the northwest suburbs.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” Lowe’s Chairman, President and CEO Robert A. Niblock said. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.”
Plans for new store projects have been scaled back as well nationwide. Instead of opening about 30 stores a year, Lowe’s said it now expects to open about 10 to 15 stores a year from 2012 forward.