Lowe's Is Closing Down Stores to Better Compete With Home Depot
- 6 years ago
Lowe's Is Closing Down Stores to Better Compete With Home Depot Lowe's says it plans to down its Orchard Supply Hardware stores and
slash inventory. The 99 Orchard stores in California, Oregon and Florida will be shut down by the end of the fiscal year. Orchard Supply Hardware has 4,300 employees, but CEO Marvin Ellison says they will be given "priority status" if they apply for other jobs at Lowe's. Lowe's bought Orchard Supply Hardware just five years ago for around $205 million. Lowe's is also planning to shake up the product offerings in its stores, which will hurt sales in the short-term. According to Ellison, the retailer will "aggressively rationalize store inventory" and cut back on lower-performing items.
slash inventory. The 99 Orchard stores in California, Oregon and Florida will be shut down by the end of the fiscal year. Orchard Supply Hardware has 4,300 employees, but CEO Marvin Ellison says they will be given "priority status" if they apply for other jobs at Lowe's. Lowe's bought Orchard Supply Hardware just five years ago for around $205 million. Lowe's is also planning to shake up the product offerings in its stores, which will hurt sales in the short-term. According to Ellison, the retailer will "aggressively rationalize store inventory" and cut back on lower-performing items.