Lowe's closes stores, slashes new store plan

[The Straight Story]

Lowe's closes stores, slashes new store plan

Lowe's Cos Inc (LOW.N) said on Monday it is closing 20 of its U.S. stores, eliminating nearly 2,000 jobs, and the home improvement retailer now plans to open far fewer locations in the future, citing the need to improve its profitability.

Lowe's, which operates about 1,700 stores in the United States, said it closed 10 stores on Sunday and would close another 10 within a month. The expenses associated with the closing will come to 17 cents to 20 cents per share.

Some 1,950 workers will lose their jobs.

It also said it plans to open only 10 to 15 new North American stores per year starting in 2012, down from a previous goal of 30.

http://www.reuters.com/article/2011/10/17/us-lowes-idUSTRE79G2J220111017

[AzWorker]

1. This is a new low...

... for this company

Sad day for the American worker

[fasttense]

2. NO demand, no jobs, Whatever happened to all those supply side economists?

Why aren't they creating demand now?

[ixion]

4. because supply doesn't create demand

as we've been saying since so-called "supply side" economics first made an appearance.

[Laelth]

26. +1 n/t

-Laelth

[RockaFowler]

3. The problem with Lowes is

They never have anyone to help you. And when someone does come around, they have no idea what they're talking about. It's a shame because Lowe's looks better than Home Depot. But I think it looks good because no-one is in the store . . .

[earthside]

8. Not my experience.

At the Lowe's I patronize the employees are the best -- well informed and very helpful.

Sadly, it may depend upon how bad the home building crash is your area ... I think a lot of Lowe's employees where I shop are there because their home construction jobs are gone.

Overall, this is yet another sign that the economy is still in recession. When even do-it-yourselfers are cutting back on their spending, then you know that the erosion of middle class incomes goes on unabated.

[TwilightGardener]

23. The only time I had trouble at Lowes was in the paint dept.--they don't always

have someone there, even on a weekday morning. But Home Depot has markedly improved its customer service (because Lowes was better), so now they're about equal, IMO.

[Codeine]

27. I never had trouble finding help there.

Home Depot, however. . .

[Mimosa]

36. That's been true in my experience.

I can always find somebody to help me at a Home Depot store, even if I have to hunt up somebody an aisle or two away.

[Shagbark Hickory]

5. I'm surprised they're still in business. 10 years ago I was saying they weren't going to last.

How could they? They keep opening stores like it's going out of style--- in the suckiest locations. And the good locations they find are literally across the street from a home depot.

There's hardly anyone ever in the stores. Shit, there's more people crammed into the local ace hardware than there is at Lowes.

Don't get me wrong!!! I love shopping at lowes because there's hardly anyone ever in there. I get the whole store to myself practically. But I don't understand how they can afford to keep the lights on. I always figured it'd be another Builder's Square despite their stock doing ok.

[ThomWV]

6. When carpenters are out of work you don't sell much lumber

It seems to me the closing of Lowe's stores was not only predictable but long overdue. The sell building materials, there is very little building going on.

Here is the thing that I can't understand. When demand is low prices are supposed to drop. There is much less demand for lumber this year than last and less last than the year before. But prices haven't gone down a dime. Why?

[Shagbark Hickory]

9. Less supply. The sawmills only order lumber the think they can sell.

And what carpenter buys lumber at lowes?! Or any other big box?
Yeah, I mean... If you're in a pinch.

[Downwinder]

7. This is recovery?

[shraby]

10. No, this was bad management decisions.

[Shagbark Hickory]

12. Why so blue? They're still saying they're going to open 10-15 new stores a year.

[Shagbark Hickory]

11. The stores that are effected are....

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 Manchester, NH

[milwaukeelib33]

19. Wow! That Brown Deer, WI store

Is only a few years old. An entirely new building on a newly developed strip of a major thoroughfare. Now there will be this huge, vacant, sore-thumb effecting other new nearby businesses. This is the reason I think more municipalities need to pass regulations on big-box stores, in that they're responsible for getting rid of(by demolition, if necessary) these eyesores when they are no longer being used.

[Shagbark Hickory]

20. Yep. That's usually the way the cookie crumbles.

And if you're lucky and the other businesses don't even up moving or closing up, then some other big box will just build a whole new warehouse and the old one eventually gets filled with a Big Lots or something like that. Even Goodwill builds these brand new stores now.

[doc03]

13. If Lowes wants to improve their business, how about

some service and some quality building products. Has anyone ever tried to find a strait 2x4 at Lowes? You can go thru a whole skid of lumber to find a few good pieces. They actually have told some people I know that you aren't allowed to pick through the lumber, take it off the top.

[Shagbark Hickory]

15. They never told me that. I actually ask them for help picking through dozens of 2x4s looking for a

few decent ones!

If I can't find help I usually leave the shelf looking like a pile of twisted pickup sticks.

[RockaFowler]

17. My hubby has the same problem

He has to go through at least 1/2 a pallet before he finds a good one :(

[KurtNYC]

21. it can all warp, even if it is straight in the store

best to look for quarter-sawn and straight grain.

[TwilightGardener]

24. I don't go to Lowes for lumber, though--it's more for "pretty" things.

Menards and Home Depot beat Lowes' pants on things like lumber and hardware.

[Liberal In Texas]

14. I always go to Lowe's before HD, but frequently

I can't find what I need at Lowe's. Granted my local Lowe's isn't one of the biggest stores they have, but neither is the HD.

There's nothing more frustrating than going to Lowe's to find a part for a faucet or some decent cedar mulch and ending up at HD.

[Shagbark Hickory]

16. For me it's the other way around most of the time.

Lowes has a wider selection. But that's my whole point. They've got a wider selection, reasonable RETAIL prices and yet where are the customers? They're at HD and Ace.

[RebelOne]

38. Yes, me too. Lowe's is almost directly across the street

from Home Depot in my neighborhood. I always go to Lowe's first, and if I can't find what I want, I go to Home Depot. I hate giving my money to George Bush's buddy. The president of Home Depot gave a fund-raiser for Bush before his next election, so I avoid Home Depot whenever possible.

[Luciferous]

18. I bought appliances at Lowe's last year, but for most home improvement stuff

I go to Menard's. They typically have better prices on the things I need and there are actually knowledgeable employees willing to help if I have a question.

[TwilightGardener]

25. Menards rocks. Pretty much everything that went into renovating our old house

came from Menards. Our garage kit came from Menards too. Sadly, we had to move away from the midwest, there's no Menards out west...:cry:

[Horse with no Name]

29. As I mentioned upthread

there is a distribution center nearby.

They manhandle the appliances. I would not feel comfortable buying a high ticket appliance there after hearing the stories.

ALSO, their employment materials consists of threatening materials regarding unions.

Before I had access to that stuff, Lowes was the first place I went. Now, I go to the local lumberyard. They are republicans but at least they aren't horrid people and they do contribute to our local tax base.

[otohara]

22. I Like Lowes - vs Home Depot

HD has a creepy wingnut CEO

[FarCenter]

31. Frank Blake? I think that you have the previous CEO in mind.

https://corporate.homedepot.com/wps/portal/!ut/p/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gDdwNHH0sfE3M3AzMPJ8MAD2cDKADKR2LKmxrD5fHr9vPIz03VL8iNKAcAZZXuIQ!!/dl2/d1/L2dJQSEvUUt3QS9ZQnB3LzZfMEcwQUw5TDQ3RjA2SEIxUFBCMTAwMDAwMDA!/

http://seattletimes.nwsource.com/html/businesstechnology/2012783334_homedepotprofilte05.html
Frank Blake is Home Depot's 'calmer-in-chief'

The previous guy was Bob Nardelli.

[otohara]

33. This Guy - Founder Ken Langone

Hates Obama

http://www.mogulite.com/ken-langone-obama/

[FarCenter]

39. Ken's definitely in the 1%. The CEO, less so.

[pstokely]

40. But Home Depot supports teh gays

http://action.afa.net/item.aspx?id=2147496231

[Horse with no Name]

28. I figured this was coming

there is a distribution center not far from here and they recently laid off an entire line last month.

[sinkingfeeling]

30. I've done a $75,000 in business with Lowe's vs. about $10,000 with Home Depot because Lowe's had

people who knew what they were talking about.

[Mimosa]

37. That's true especially in home appliances.

I've shopped at both stores for major appliances.

[Brother Buzz]

32. There's no connection between Jimmy Johnson's crash and Lowe's closing stores

So stop saying that.

[Contrary1]

34. When so many people don't have homes to improve, something's got to give.

[Rosco T.]

35. Lowe's statement and list of locations closed

http://media.lowes.com/article_display.cfm?article_id=3093

The stores affected by today’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
Manchester, NH

[LeftyMom]

41. I can't figure why they had a store in Los Banos to begin with.

It's not exactly the middle of nowhere, but it's in the same area code.

[MindPilot]

42. Not my experience at all!

My local Lowes is always busy; difficult to find a parking spot on a weekend. Almost always find what I want, never had any problems getting help, although the answers I generally need are limited to "aisle 5, 'bout halfway down-on the right".

And as for the lumber, these days all construction-grade lumber is shit. It is grown and processed so fast I'm convinced some pieces would sprout leaves if you stuck it in good soil and gave it some water. But it never occurred to me that going through a pile to look for the pieces I want is anything other than expected. And sometimes I don't need clear & straight; I pick the junk and ask for a discount--sometimes I get it for the price of hauling it away.