Saying “it’s tough all over” really doesn’t cut it when it comes to businesses trying to keep their head above water in a diverse and competitive market where the returns are slim and spending is down. Lowe’s announced that it will be closing 20 stores across the country and laying off just shy of 2,000 workers before the end of the year.
We hate to see any hardworking folks lose their jobs. It’s one of the hardest things to overcome in today’s economic landscape — however we’d like for Lowe’s not to be vilified, either. They still employ over 161,000 full-time people and 73,000 part timers, and the company plans to open 12 new stores next year, according to a Reuters article. This isn’t insignificant.
Lowe’s is simply doing what the rest of the country’s large businesses are doing: Analyzing where they think fat needs to be trimmed and trying to grow in the right direction using the resources they have available.
Does this make it any less frustrating for the people who lost their jobs in the process? Hell no — there’s no way to make that better, other than getting another job or not losing it in the first place. However, at least for the time being, it looks like Lowe’s is pursuing growth where they can. That said, it’s worrying to see closings of so many stores right before the holiday season when folks need the cash.
Lowe’s Closes Stores, Lays Off 1,950 Workers [Yahoo News]