Forum Post: Lowes incredibly greedy
Posted 12 years ago on Feb. 11, 2012, 7:57 a.m. EST by nightwindrc
(13)
This content is user submitted and not an official statement
As of today, Lowe's Companies will be taking away employee commissions all in the name of more profits. These employees will be forced to take as much as a 33% paycut to remain employed. Lowe's has said, through employee meetings, that they expect 70% of employees will not stay with the company. They will then hire new employees with lower pay. They have already increased profit margins by raising consumer prices by as much as 25% in some product categories. They then justify this by offering a 5% discount if you use their credit card. Just plain greedy.
they may say they think employees will leave. but they know that there are no jobs anywhere else.. that is why they are taking this opportunity to put their employees on the welfare rolls or at least food stamps. this is what will happen all over america as the rich implement the plan to make america into a third world country.
Sad. Worker rights are at an all time low in this country. Maybe we should boycott Lowe's.
Not boycott, just shop with local companies when you can. They are better for your community and better for your wallet in some cases. The accessories you purchase when you buy flooring for instance, may cost Lowes a dollar. They sell it to you for 8 dollars. You buy that item from an independent dealer you may pay 4 dollars.
According to their SEC filings, Lowe's had a net profit of $2 billion on $49 billion in sales. That is about a 4% profit margin, which is not that great. So maybe those cuts in pay and increases in prices were needed in order to keep the business in the black. It is a really bad economy out there, especially for a place like Lowe's that is dependent on a good housing market.
There are very few local hardware stores around anymore, at least where I live, but excellent point.
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Hi nightwindrc, Thank you for post. Really miss the old businesses like Ace, TrueValue and Coast to Coast, that were destroyed by the giants. Best Regards, Nevada
Is the company not able to make enough to stay in business?
Good idea, i need to take away 3 bucks an hour from my employee too, seeing that i didnt even make a profit last year.
Your situation is different. If you are not making a profit, then you are not greedy, just trying to survive. Lowes is making a profit. And the commissions they are taking are paid for by their vendors, not by them. The vendors are still paying those commissions, Lowe's just keeps the money themselves. It is the same thing HD and best buy does with their salesmen.
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MOORESVILLE, N.C. (BUSINESS WIRE), February 02, 2012 - Lowe’s Charitable and Educational Foundation has awarded more than $2 million in Lowe’s Toolbox for Education® grants to 588 schools throughout the nation. The grants were given to schools and parent organizations for parent-initiated, school-improvement projects benefiting K-12 public education.
The projects funded during the fall grant period include outdoor classrooms, technology and safety improvements, library renovations, walking trails, greenhouses and edible vegetable gardens.
“Lowe’s is committed to recognizing and supporting efforts that enrich the lives of our neighbors and customers,” said Marshall Croom, chairman of Lowe’s Charitable and Educational Foundation. “By supporting these schools nationwide, we know we’re contributing to a cause that’s important to our customers and employees and helping build stronger communities.”
How about Home Depot and Whole Foods?
Home depot, whole foods, best buy as well. They just did it earlier than Lowe's. Shop with local companies when you can. They are better for your community than the retail giants.