NORTH KINGSTOWN – Lowe’s Companies Inc., the national home improvement goods chain, is closing its store in North Kingstown and laying off its 110 employees.
It is one of 20 “underperforming” stores that were announced for closure on Oct. 17 by the company; 1,950 employees nationally will be affected, all will receive pay and benefits for 60 days, a spokeswoman said.
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Ten of the stores were closed at the end of business Sunday, Oct. 16. The North Kingstown location will close on Nov. 13 following an inventory sell-off.
The Lowe’s is located at 1530 Davisville Rd.; it is a 118,00-square-foot facility which opened January 2009. The company has leased the building and and will begin looking to sublet it.
There are five other stores in Rhode Island.
Other New England locations slated for closure are in:
Lowe’s also announced that it was scaling back its projected new store openings from 30 stores per year from 2012 forward to 10 to 15 stores annually. The financial impact of the closing is estimated at $345 million to $415 million, charges are expected to be reflected in the third and fourth quarters of fiscal 2011.
