The bad news is that Lowe's is closing 20 stores.
The good news is that the store in Bensalem is not one of them.
Lowe's announced this week that it had closed 10 under-performing stores Sunday and plans to close another 10 within about a month.
Find out what's happening in Bensalemfor free with the latest updates from Patch.
The closest store closing is in Old Bridge, NJ. New Hampshire was hit hardest, with three closings. In all, the affected stores are in 15 states.
A manager at the Horizon Boulevard store and company spokesman Steve Salazar told Patch they could not discuss the performance of the local store.
Find out what's happening in Bensalemfor free with the latest updates from Patch.
“It is not among those closing, which haven't met profitability, but I can't tell you how well that store is doing,” said Salazar.
Approximately 1,950 employees will be affected by the closings, according to a company press release. They will receive pay and benefits for 60 to 90 days.
Sixty of the affected employees – working as store managers, human resources managers and loss prevention managers – will be offered positions at other stores, Salazar said.
“Closing stores is never easy, given the impact on hard-working employees and local communities,” Robert A. Niblock, chairman, president and CEO, said in the press release. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.
“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,” added Niblock.
In addition to closing 20 stores, Lowe's announced it has discontinued a number of new store projects. Lowe’s now expects to open 10 to 15 stores per year in North America from 2012 forward, compared to a prior plan of about 30 stores per year. The company is on track to open approximately 25 stores in 2011, as planned.
With fiscal year 2010 sales of $48.8 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves about 15 million customers a week at more than 1,725 home improvement stores in the United States, Canada and Mexico, according to the press release. Those stores employ about 234,000 people, Salazar said.
Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world.
