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Why Lowes is closing stores and slashing inventory

CNNMONEY

Lowes is slimming down to better compete with Home Depot.
The company, which recently hired Marvin Ellison away from JCPenney to be its CEO, said it is shutting down its Orchard Supply Hardware stores and plans to slash inventory at its Lowes stores.
The home improvement retailer did report earnings that topped forecasts on Wednesday, thanks to a healthy housing market. Shares surged more than 7% in early trading ...

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