Lowe’s Cos., the nation’s second-largest home improvement retailer that abruptly shut its Meriden store and laid off 94 workers a week ago due to poor sales, said Monday that it will buy back up to $5 billion of its common stock, The Associated Press reports.
While the repurchase program has no expiration date, the Mooresville, N.C., company said it plans to use the full amount over the next two to three years.
Lowe’s board also announced that it is declaring a regular quarterly dividend of 14 cents. The dividend will be paid on Nov. 2 to shareholders of record on Oct. 19.
Last week Lowe’s reported that its second-quarter net income was nearly flat due to volatile weather and shoppers’ worries about the economy. The company also lowered its sales forecast for the second half of its fiscal year due to consumers’ uncertainty.
The chain shut its three-year-old Meriden store at 1201 E. Main St. and six other U.S. locations, citing weak sales. It has 15 remaining Connecticut stores
Lowe’s runs more than 1,725 stores in the U.S., Canada and Mexico.
