|Lowes Offering Severance in Corporate Trimming|
|Written by Steve Frank|
|Tuesday, 14 February 2012 07:41|
Fox 8 TV and The Charlotte Business Journal are reporting that Lowe’s Home Improvement has offered a voluntary severance package to over 5000 employees as the company tries to cut costs. Lowe’s spokeswoman Julie Yenichek said a notice explaining the offer
was sent to full-time employees at its corporate offices in Wilkesboro and Mooresville Monday. No store employees were offered a severance package, Yenichek said. Employees have 14 business days to decide whether to take the severance, which includes a lump-sum payment and other benefits, based
on current salary and years of service, according to Yenichek.
Most of the employees who take the separation are expected to be released by April 27, according to Yenichek.
The company explained its reason to offer a severance in a statement:
The voluntary severance program is expected to help reduce the need for possible involuntary reductions. However, if additional cost reduction is needed, an involuntary reduction in force can be implemented to achieve the cost reduction necessary to meet Lowe’s business objectives.
Yenichek said they have “no way of knowing” how many people will accept the offer. Lowe’s employs about 234,000 people companywide. About 5,200 employees got the offer.
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