The DIY giant shutters its Manhattan stores
They’ve already “turned out the lights” at Lowe’s stores in Manhattan.
Home improvement giant Lowe’s Companies officially announced on Monday that it was closing its two Manhattan stores — on the Upper West Side and Chelsea — as part of a plan to shutter 20 “underperforming” locations in the U.S. and 31 in Canada by this coming February.
Both stores opened in 2015 and catered to city dwellers, offering apartment-sized appliances and other space-saving products.
“This location has closed,” said a sign reportedly posted on the door of the Upper West Side Lowe’s at 2008 Broadway. The sign said customers should go to nearby branches in Brooklyn and Northern New Jersey.
The Chelsea location, at 635 Sixth Avenue, is also “permanently closed,” according to Lowe’s website, which directs visitors to the other stores and Lowes.com.
Manhattan employees may be able to find work at remaining locations. In a press statement, CEO and President Marvin Ellison said, “We believe our people are the foundation of our business … we are making every effort to transition impacted associates to nearby Lowe’s stores.”
Lowe’s has had trouble competing with big-box rival Home Depot, which has two branches in Manhattan. Lowe’s has also begun closing its Orchard Supply Hardware chain.
The publicly traded Fortune 500 company also said the closures will cost it between 28 and 34 cents per share. It expects to provide details during the next quarterly earnings call on November 20.