Lowe’s Announced They Will Be Closing 51 Stores
Lowe's announced on Monday, November. 5th that they will be closing their underperforming stores. Unfortunately, a store in Texas and Louisiana made the list. According to CNN Business "Lowe's and its rival Home Depot have proven to be largely Amazon-proof because Amazon does not sell lumber or other heavy, bulky home improvement products. But Lowe's is struggling to keep up with Home Depot. Last year, Home Depot's revenue hit more than $100 billion, while Lowe's sales were below $70 billion." Lowe's recently hired a top executive who worked for Home Depot to help turn around the company. Ellison worked for Home Depot for over 10 years and recently was a CEO for JC Penney. Ellison started making waves when the decision was made to close all their Orchard Supply Hardware stores. The slashing of inventory at Lowe's stores has already started.
The store in Texas that underperformed and is now going to close is 3500 W Airport Fwy, Irving and the underperforming store in Louisiana is 5770 Read Blvd, New Orleans.