Lowe's shut down 10 stores on Sunday and has 10 more slated for closure, but the Plattsburgh location is not on the list.
Lowe's Chairman, President and CEO Robert Niblock said it is never easy to close stores, given the impact on employees and communities.
"However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position," he said in a press release on the company website.
The only store to be closed in New York is in Batavia. In the East, the company is also closing three stores in New Hampshire, two in Maine and one each in Massachusetts, Rhode Island, New Jersey and Virginia.
The company said the decision will affect about 1,950 employees. Those workers are expected to receive pay and benefits for 60 to 90 days, and the company plans to work with local government agencies to help them with outplacement assistance.
The Lowe's store in Ticonderoga was one of six closed in August. The store had employed 86 people, 58 full time and 28 part time.
The full-time workers were given 90 days of pay.
FEWER NEW STORES
The company has also discontinued a number of planned new locations. It now expects to open 10 to 15 stores per year from 2012 forward, down from 30 per year.
It remains on track to open 25 stores in 2011.
"Lowe's remains committed to making strategic investments and focusing resources in a manner that will generate the greatest shareholder value, enhance the customer shopping experience and create sustained customer loyalty over the long term," Niblock said.
Lowe's is a Fortune 50 company that had sales of $48.8 billion in Fiscal 2010. It serves about 15 million customers a week at 1,725 locations in the United States, Canada and Mexico.
Lowe's was founded in1946 and is based in Mooresville, N.C. It is the second-largest home improvement retailer in the world.
For more information, visit Lowes.com.
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