Lowe's Closing 20 U.S. Stores

Mooresville, NC, Oct. 17, 2011 -- Home center Lowe's said it is closing 20 of its U.S. stores and it now plans to open far fewer locations in the future.

Lowe's, which operates about 1,700 stores in the United States, said it closed 10 stores on Sunday and would close another 10 within a month.

CEO Robert Niblock said in a press release that the company has to "make tough decisions" to improve profitability.

Lowe's reduced its full-year sales and profit outlook in August as U.S. homeowners postponed renovations.