Lowe's Closing 20 Stores Across U.S.

Lowe's Companies Inc. (Mooresville, N.C.) closed 10 stores on Oct. 16 and said it will close 10 more within about one month following an inventory sell-through.

Stores affected by the closings are located in:

• Aurora, Ill.
• Batavia, N.Y.
• Biddeford, Maine
• Brown Deer, Wis.
• Chalmette, La.
• Claremont, N.H.
• Denver, Colo.
• Ellsworth, Maine
• Emporia, Va.
• Haverhill, Maine
• Hooksett, N.H.
• Ionia, Mich.
• Los Banos, Calif.
• Manchester, N.H.
• North Kingstown, R.I.
• Old Bridge, N.J.
• Oswego, Ill.
• Rogers, Minn.
• South Tacoma, Wash.
• Westminster, Calif.

Approximately 1,950 employees will be affected by these closings, according to a company release. Employees will receive pay and benefits for 60-90 days, and Lowe's will be working with local government agencies to help former employees with outplacement assistance.

The company also announced that it has narrowed its new-store projections. Lowe's 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. This year, the company will open 25 stores as planned.

"Closing stores is never easy, given the impact on hard-working employees and local communities," said Robert A. Niblock, chairman, president and CEO at Lowe's. "However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position."