Lowe’s Lays Off More Than 500 Employees
Lowe's is cutting back on staff. The home improvement retailer has laid off more than 500 full-time corporate employees companywide in its latest efforts to streamline operatios. The Charlotte Observer reports the layoffs includes 430 workers at Lowe's headquarters in Mooresville, N.C., as well as 70 support staffers in Wilkesboro, N.C. and 25 corporate support positions. Overall, the layoffs equal less than 1 percent of the big-box retailer's workforce.
Total Retail's Take: Many retail companies have started off the new year by restructuring and examining where they can cut costs, from store closures to corporate layoffs. Lowe's is trying to position itself to be a more agile and efficient company across all channels. The layoffs are round two this year, as Lowe's laid off store staff in January. Analysts say the layoffs at Lowe's are a way to boost financial results for the first quarter. Possible changes could have been made more quickly due to Home Depot's 19 percent fourth-quarter profit increase.