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Lowe’s Layoffs: Lowe’s Companies, Inc. (LOW) to Cut Around 3,000 Jobs

Lowe’s Companies, Inc. (NYSE:LOW) is planning to cut about 3,000 jobs.

Lowe's, Lowe's Layoffs, Lowe's Companies, Inc., LOWThe Lowe’s layoffs will have the home improvement retailer reducing its total workforce by roughly 1%. The decision comes after the company lowered its outlook for 2017 due to lower customer traffic.

The Lowe’s layoffs plan will also have the company switching how its employees handle their duties. The company wants to have more employees that currently work behind the scenes interacting with customers. It hopes that these employees will be able to help customers with questions and give them information about products that the retail chain sells.

The report that Lowe’s Companies, Inc. will be cutting jobs comes from unnamed sources that are close to the matter. These sources claim that LOW is attempting to adjust to the new shopping habits that it is seeing from customers. The company currently employs roughly 285,000 people, reports MarketWatch.

“We’ve got to make sure that as the consumer is changing the ways they engage with us, we continue to be nimble,” Lowe’s Companies, Inc. CEO Robert Niblock told MarketWatch back in November.

Lowe’s Companies, Inc. isn’t the only company that has recently announced it will be cutting jobs in 2017. Boeing Co (NYSE:BA) is planning to cut engineer jobs early this year. Pandora Media Inc (NYSE:P) recently announced it will be eliminating 7% of its workforce in the United States by its first fiscal quarter. Wal-Mart Stores, Inc. (NYSE:WMT) is also reportedly planning to make cuts to its human resources division.

LOW stock was up 1% as of Friday afternoon.


Article printed from InvestorPlace Media, https://investorplace.com/2017/01/lowes-layoffs-low/.

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