By The Associated Press
9:27 AM AKDT, August 15, 2011
The Lowe's store in Kenai is one of seven nationwide that closed overnight Sunday.
Lowe's Cos. spokesperson Stacey Lentz says the Kenai store opened in November 2008, and despite the hard work of employees it never met sales expectations. And she says the picture did not improve over time.
Lentz says the Kenai store had 79 employees. The company operates other stores in Anchorage, Wasilla and Fairbanks.
The nation's second-largest home improvement retailer blames the closures on nearly flat second-quarter net income. It says the lackluster performance was due to volatile weather and shoppers' worries about the economy.
The company closed others stores in Connecticut, Illinois, Georgia, Minnesota and New York.
Lowe's operates more than 1,700 stores in the U.S., Canada and Mexico.