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Lowe's to close RI store, laying off 110 workers

October 18, 2011

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NORTH KINGSTOWN, R.I.—About 110 employees will lose their jobs as home-improvement retailer Lowe's Cos. shuts its North Kingstown home improvement store.

It's one of 20 underperforming stores being closed by Lowe's.

The Providence Journal reports ( http://bit.ly/rtv7kY) that the North Kingstown store is due to shut next month after it sells off its inventory. Lowe's, which is based in Mooresville, N.C., said Monday it will close stores in 15 states and cut 1,950 jobs to focus on more profitable locations.

In August, Lowe's said volatile weather and shoppers' worries about the economy hurt demand.

Its net income was nearly flat in the second quarter and the company lowered its yearly sales forecast, saying it expected net income of $1.48 to $1.54 per share in its fiscal year ending Feb. 3.

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Information from: The Providence Journal, http://www.projo.com/