It’s no secret that Lowe’s has been struggling lately. The home improvement retailer has been facing increased competition from the likes of Home Depot and Amazon, and its stock price has taken a hit as a result.
Now, it looks like the company is taking some drastic measures to try to turn things around. According to a report from CNBC, Lowe’s is planning to lay off thousands of employees in an effort to cut costs.
The report cites anonymous sources who say that the layoffs will primarily affect corporate employees, but that some store workers will also be let go. It’s not yet clear how many people will be affected, but it’s sure to be a significant number.
Lowe’s has not yet commented on the reports of layoffs, but it’s clear that the company is under a lot of pressure to improve its performance. In addition to competition from other retailers, Lowe’s is also facing pressure from activist investors who are pushing for changes at the company.
It remains to be seen how this all plays out, but it’s safe to say that Lowe’s is in for a tough few months ahead.