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Why Lowe's is closing stores and slashing inventory
Author: WebDigger
Date: 08-22-2018 - 12:23
"Lowe's is slimming down to better compete with Home Depot.
The company, which recently hired Marvin Ellison away from JCPenney (JCP) to be its CEO, said it is shutting down its Orchard Supply Hardware stores and plans to slash inventory at its Lowes stores." [money.cnn.com] (8/22/18)
"Ellison told investors in a conference call Wednesday that OSH, which operates stores much smaller than Lowe’s locations, was not running well. Even if it were performing better, he said OSH could never become a big part of the company’s overall business.
“It became clear to me we wanted to be focused on our core retail business,” Ellison said. He added that even if Orchard were a much larger business, it would “have very small benefit to the shareholders.”
OSH last year posted sales of $600 million — less than 1% of Lowe’s overall sales of $68.6 billion, executives said." [www.latimes.com] (8/22/18)
Google search [lowe's hardware]: [www.google.com]
Google search [lowes walmart]: [www.google.com]
snopes.com: Lowes (is not) owned by Walmart: [msgboard.snopes.com] -- " A Google search on terms like "Walmart owns Lowes" reveals that the rumor may have been started by a shopping column in the Detroit Free Press where the columnist incorrectly asserted that the two stores were the same company."
The company, which recently hired Marvin Ellison away from JCPenney (JCP) to be its CEO, said it is shutting down its Orchard Supply Hardware stores and plans to slash inventory at its Lowes stores." [money.cnn.com] (8/22/18)
"Ellison told investors in a conference call Wednesday that OSH, which operates stores much smaller than Lowe’s locations, was not running well. Even if it were performing better, he said OSH could never become a big part of the company’s overall business.
“It became clear to me we wanted to be focused on our core retail business,” Ellison said. He added that even if Orchard were a much larger business, it would “have very small benefit to the shareholders.”
OSH last year posted sales of $600 million — less than 1% of Lowe’s overall sales of $68.6 billion, executives said." [www.latimes.com] (8/22/18)
Google search [lowe's hardware]: [www.google.com]
Google search [lowes walmart]: [www.google.com]
snopes.com: Lowes (is not) owned by Walmart: [msgboard.snopes.com] -- " A Google search on terms like "Walmart owns Lowes" reveals that the rumor may have been started by a shopping column in the Detroit Free Press where the columnist incorrectly asserted that the two stores were the same company."
