By Tom Dalton
Staff writer
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SALEM — It is unclear what impact Lowe's decision to cut back a number of planned store projects may have on the proposed Lowe's/Walmart development on Highland Avenue.
The national home improvement chain announced Monday that it is closing or has already closed 20 stores across the country, including a Lowe's in Haverhill.
In addition, the company said it is cutting back on plans to open as many as 30 stores a year, and now expects to open 10 to 15 per year in North America.
"Closing stores is never easy, given the impact on hardworking employees and local communities," said Robert A. Niblock, chairman, president and CEO. "However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position."
A company spokeswoman was asked about the future of the Salem project, which also has faced legal challenges.
"At this time, I cannot speculate on the Salem site," Stacey Lentz said. "The real estate process can be a long and sometimes complicated one. Therefore, it is our policy not to comment until we close on a property and a final decision has been made concerning particular sites."
Lowe's has announced plans to build a new store near the Lynn/Salem line. An existing Walmart next door would be demolished and replaced with a larger store.
Material from wire reports was used in this article.
