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Lowe’s Lays Off Thousands of Employees

Lowe’s has eliminated thousands of positions across the company, including many maintenance and assembly employees, reports The Wall Street Journal.

Many of the workers affected by the announcement put together “grills, wheelbarrows and other products,” according to the report. Now, their jobs will be handled by third-party companies.

According to the Journal, the eliminated employees will not receive severance. Instead, they will receive “transition pay,” equivalent to about two weeks of pay for full-time workers, according to the report.

Lowe’s says all affected employees are welcome to reapply for open positions within the company. Lowe’s employs roughly 190,000 full-time and 110,000 part-time employees, according to the Journal.

“The move is a sign that new CEO Marvin Ellison plans to continue to cut costs aggressively to improve profits at the chain,” according to the report.

In its first-quarter 2019 financial results, Lowe’s achieved net earnings of $1 billion, up 1.2 percent from the same period one year previously.

In August 2018, Lowe’s announced its decision to close Orchard Supply Hardware locations.

About Todd Taber

Todd Taber
Todd is trends editor for Hardware Retailing magazine. He graduated from Indiana University where he majored in journalism and French. Throughout his career, he has aimed to highlight small businesses and their community value. He joined NRHA in 2017.

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