Sonora Lowe’s to stay open despite nationwide closures

Union Democrat staff /

Staff and Wire Reports

Home-improvement retailer Lowe's Cos. said Monday it will close 20 underperforming stores in 15 states and cut 1,950 jobs in order to focus on more profitable locations. The Sonora Lowe's is not included in the list of stores on the chopping block.

Ten locations were closed Sunday; the other 10 will close in a month. They include three closings in New Hampshire and two each in California, Illinois and Maine. The home improvement giant will close stores in Los Banos and Westminster.

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

Lowe's, based in Mooresville, N.C., also said it will only open 10 to

15 stores in North America annually beginning in 2012. Previously the

company expected to open 30 stores per year. It will open 25 stores

this year.

The Sonora Lowe's opened in December 2010 after the company announced plans to build the 94,000-square-foot store in 2004.

Lowe's said the moves will cost it 17 cents to 20 cents per share in its current fiscal year.

In August, Lowe's said volatile weather and shoppers' worries about

the economy hurt demand. Its net income was nearly flat in the second

quarter and the company lowered its yearly sales forecast, saying it

expected net income of $1.48 to $1.54 per share in its fiscal year

ending Feb. 3.

The company's results have been pressured as consumers continue to

stick to home renovation products under $500. In August the company

said it was closing 7 stores and eliminating 650 associated jobs.

Its shares rose 10 cents to close Monday at $20.89.

11851849
The Union Democrat
This image is copyrighted.

Reach all of Sonora, Calaveras County, Tuolumne, Angels Camp, Twain Harte, & Jamestown with your items to sell.

Ads appear Online and in Print

View Classifieds Place an Ad

Connect with The Union Democrat

Union Democrat Newsstand

Monday May 2, 2016

Read digital interactive editions of our publications

Read Today's Edition Take A Tour

More Publications by The Union Democrat

View All Publications
Body found near Pinecrest

04/30/2016

Unidentified human remains were found Thursday in the Pinecrest area. At 5:55 ... more

Agencies eye upgrade for 1970s-era software

04/30/2016

Tuolumne County has changed quite a bit since the 1970s, but its ... more

Rim Fire recovery plan released

04/28/2016

Federal custodians of the Stanislaus National Forest are publishing a plan today ... more

Director resigns as infighting continues

04/27/2016

Bryan Adcox has resigned from the Mother Lode Fair Board of Directors ... more

Spring in the Sierras: Dangerous and beautiful

04/30/2016

Joseph McHardy ran up the sloping ramp Friday at the top of ... more