Lowe’s pulls out of Mexico
Lowe's has closed all of its 13 stores in Mexico, according to several newspapers and the trade press in the South American country. Reports indicate that 2 600 employees are affected by the closures. The US home improvement chain publicly revealed at the presentation of its quarterly figures last November that it was considering exiting the Mexican market, but didn't provide a timescale for withdrawal. The announcement that the stores would close was made at short notice in April. The website of Lowe's Mexico can no longer be reached, its Facebook page has not been updated and there is no reference to the closures. Lowe's is the USA's second-biggest DIY chain and second biggest home improvement chain in the world with 1 723 outlets in the USA and 279 in Canada. In Canada the company also acts as a central purchasing hub for around 230 independent stores.