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Home Depot Eliminates Expo Stores - Slashing 7,000 jobs

2009-01-27 06:14:39 (GMT) (Caymanmama.com - Business News)

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Home Depot in Durham, North Carolina

Home improvement giant Home Depot Inc. has announced plans to cut some 7,000 jobs and shut down nearly 50 stores under its smaller brands

Durham, North Carolina (CaymanMama.com) –Home improvement giant Home Depot Inc. has announced plans to cut some 7,000 jobs and shut down nearly 50 stores under its smaller brands in order to combat the effects felt as a result of the recession and tattered housing market.

As the nation’s biggest home improvement retailer, the Atlanta-based chain’s layoffs will affect approximately 2 percent of its 300,000 employees and will also affect employees at the company’s 34 Expo Design Centers, five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites. Those locations will close in the next two months.

Home Depot said its Expo stores have not experienced strong financials, even during the recent housing boom. In fact, the chain has weakened even more in the current economic environment.

“Exiting our Expo business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers,” Chairman and Chief Executive Frank Blake said in a statement. “At the same time, it is a necessary decision that will strengthen our core Home Depot business.”

Core Home Depot stores won’t be affected. However, the company plans to eliminate 2,000 non-retail jobs, including 500 employees at the corporate headquarters, and will freeze the pay of company officers.



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