Home decor retailers Lowe’s and Lowe’s Home Improvement are getting a lot of attention for their recent purchase of hardwood floors.
The retailers are expected to make the purchase as a part of a broader strategy to cut costs and trim costs.
Lowe’s purchased the flooring maker for $13.9 million in February and plans to use the money to reduce inventory, cut costs, and boost sales.
The deal is part of Lowe’s $7.6 billion in sales and is expected to close in June.
In May, Lowe’s announced plans to cut 1,100 jobs in a bid to lower costs.
The company also announced plans for another $1.5 billion in cuts to reduce costs, as part of the plan to “reduce our overall cost structure” as it prepares to sell the company.