(MOORESVILLE) -- Lowe’s Companies, Inc. announced Monday that the home improvement retailer is closing 20 underperforming stores in 15 states. About 1,950 will be impacted by the closings. Ten locations closed on Sunday. The remaining 10 locations will close within a month. None of the 20 stores are in North Carolina.

The Mooresville-based company has also taken a number of proposed new stores off the table.  Lowe’s now expects to open 10 to 15 stores per year in North America from 2012 forward, compared to a prior assumption of approximately 30 stores per year. The number of new store planned for opening in 2011 remains unchanged 25.

“Closing stores is never easy, given the impact on hard-working employees and local communities,” said Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.

The expected financial impact of today’s announcements of $0.17 to $0.20 per diluted share was not contemplated in the business outlook for fiscal 2011 which the company provided on August 15 when it released its second quarter earnings. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 14.