OLD BRIDGE - Home-improvement retailer Lowe's Cos. closed its Old Bridge store and 9 others on Sunday in a move that it says will allow it to focus on more profitable locations.
The company says another 10 stores in 15 states will close in a month. The cuts mean a loss of 1,950 jobs. Before the closures Lowe's operated 1,725 stores.
Lowe's, based in Mooresville, N.C., also says it will only open 10 to 15 stores in North America annually beginning in 2012. Previously the company expected to open 30 stores per year. It will open 25 stores this year.
In August, Lowe's said volatile weather and shoppers' worries about the economy hurt demand.