Lowe's laying off thousands and outsourcing to third-party companies: report

Lowe's laying off thousands and outsourcing to third-party companies: report
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Home improvement retailer Lowe's will reportedly lay off thousands of employees, outsourcing their jobs to third-party companies as part of a plan to turn the company's finances around.

CNN Business reported Thursday that it wasn't clear exactly how many jobs would be cut, but that the layoffs would likely include staffers assigned to assembling larger items such as furniture, playsets and grills.

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The cuts will also include janitorial and other service staff, with all of the jobs being outsourced to other companies and affected employees granted transition pay.

"We are moving to third-party assemblers and facility services to allow Lowe's store associates to spend more time on the sales floor serving customers," a Lowe's spokesperson told CNN.

The company employs roughly 300,000 full- and part-time employees in North America, according to CNN. Employees in positions targeted for layoffs will be offered to apply for other open positions at Lowes, the company said. The Wall Street Journal reported, however, that employees moving from assembly and maintenance jobs will not be guaranteed the same hourly pay at other positions.

Lowe's shuttered 47 stores in the U.S. and Canada as a cost-cutting measure last year as it seeks to compete with dominant foes such as Home Depot.