Lowe's (LOW) To Reduce Workforce For Third Time In 2017
Zacks Investment Research | Jun 07, 2017 09:16PM ET
Per media report, home improvement retailer, Lowe's Companies, Inc. (NYSE:LOW) continues with retrenchment efforts as it is set to initiate the third lay-off in 2017. The company is all set to trim nearly 125 information technology employees. This action is being conducted by the company in order to improve overall efficiency to cater to customers’ needs in a better way.
However, management is looking to relocate some of the jobs to India where the company has employee strength of roughly 1,000 in information and technology as well as analytics. Further, it will provide severance package, outplacement support and also conduct a job fair with local employers.
Earlier, the company had cut down 2,400 full-time workers in January and above 500 corporate jobs in February. These lay-off actions are taken by management to increase store productivity and competence, as Lowe’s faces intense competition from the world’s largest home improvement retailer, The Home Depot, Inc. (NYSE:HD) and other home supply retailers.
Bottom Line
We observed that Lowe’s shares have declined 9.4% in the past one month, underperforming the Zacks categorized Zacks Investment Research
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