Lowe’s seeks bids for Iris

MOORESVILLE, N.C. — Lowe’s Cos. is looking for a buyer for its Iris Smart Home platform as part of a “strategic reassessment,” which sees the company focusing on its core business. Along with its exit from the home automation business, Lowe’s has also closed its Orchard Supply banner and will do the same to all Lowe’s stores in Mexico. It’s also selling off its Alacrity Renovation Service. All told, the changes are expected to save the company $280 million in costs tied to leases, inventory and severance packages.