Lowe’s to layoff over 500 employees in North Carolina
American home improvement retailer, Lowe’s is embarking on a major restructuring program which would result in the layoff of over 500 employees.
The impact would be mostly felt at the retailer’s headquarters in Mooresville, North Carolina where over four hundred employees are likely to be removed.
Apart from that 70 support employees in Wilkesboro have been confirmed to be made redundant.
According to Lowe’s, the impacted employees could try for other roles within the company. It further added that the sacked employees will be paid severance along with help in finding new jobs.
A statement from the company in this regard read: “It is always very difficult to make decisions like these that impact our people, and we did so only after careful consideration and with the understanding that our actions today were needed to position Lowe’s for the future.”
Through the restructuring, Lowe’s is looking to achieve a leaner organization containing lesser managerial layers to allow faster decision making and result in efficient operations. Besides, it wants to develop a culture that innovates as fast as customers would like to.
Mooresville Mayor Miles Atkins released a statement which read: "I have spoken with Lowe’s about today’s announcement and am confident the company remains committed to being a long-time corporate partner providing jobs in Mooresville, Iredell County and across the state.
“It is my understanding the company is adjusting their staffing model but plan to continue employing nearly 4,000 people in their Mooresville headquarters.”
The latest redundancy move comes a month after Lowe’s had announced to layoff around 2,400 employees, which represented 1% of its overall workforce of over 285,000.
At the same time, Lowe’s had announced its plans to hire 4,000 store-level employees while looking to introduce 15-20 new stores per year with an overall investment of $3.6bn over the next three years.
Image: Lowe's Home Improvement Center in Chapel Hill, North Carolina. Photo: courtesy of Ildar Sagdejev (Specious)/Wikipedia.org.