Lowe's Closing 20 Stores, Cutting 1,950 Jobs

October 17, 2011 Updated Oct 17, 2011 at 1:28 PM EDT

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Lowe's Closing 20 Stores, Cutting 1,950 Jobs

October 17, 2011 Updated Oct 17, 2011 at 1:28 PM EDT

Lowe's announced on Monday plans to close 20 of its underperforming stores -- cutting 1,950 jobs -- and hold off on opening as many stores as it had originally planned, according to a company news release.

Ten stores were closed Sunday, and the other 10 will close in about a month, according to the news release. The company will also cut back on the number of planned new stores moving forward.

“Closing stores is never easy, given the impact on hard-working employees and local communities,” chairman, president and CEO Robert A. Niblock said in the news 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.”

Read the entire Lowe's news release HERE.