Home Depot cutting 7,000 jobs

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CHICAGO — Home Depot Inc. plans to eliminate 7,000 jobs while closing four dozen stores under its smaller home improvement brands as the recession continues to batter the nation's housing market.

The company said today that the cuts will affect about 2 percent of its 300,000 workers and cause the Atlanta-based chain to record a $532 million pretax charge, most of which will be recorded in the fourth quarter.

Most of the cuts affect workers at Home Depot's 34 Expo Design Centers, five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites.

Those stores will close in the next two months.

Home Depot said its Expo business hasn't performed well financially, even during the recent housing boom. It said the chain has weakened significantly 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."

The company's core Home Depot stores won't be affected

Home Depot's plans also include 2,000 cuts to non-store jobs, including 500 workers in its corporate headquarters, while freezing the pay of its officers.

Home Depot shares climbed 28 cents, or 1.3 percent, to $22 in pre-market trading today.

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ss30809
44
Points
ss30809 01/26/09 - 12:52 pm
0
0
Great I had no help

Great I had no help before...who will help now.

crackertroy
540
Points
crackertroy 01/26/09 - 02:35 pm
0
0
Home Depot laying off,
Unpublished

Home Depot laying off, Circuit City closing, no more Ashley Furniture, no more Food Lion, things are getting bad.

LadyCisback
4
Points
LadyCisback 01/26/09 - 02:54 pm
0
0
People do not want to realize

People do not want to realize that things will get worse, they still have hopes that the economy will get better, that the social security will still be around when I'm an old hag and that medicare will cover my medical expenses.. yeah right!!!.. hope has come and gone!!!

SandyK2005
1
Points
SandyK2005 01/26/09 - 04:22 pm
0
0
Can't say I'm depressed, as

Can't say I'm depressed, as Home Depot is on the Zionist boycott list.

kiseta50
0
Points
kiseta50 01/26/09 - 04:45 pm
0
0
Save your money by use all

Save your money by use all your stuff up, wear it out, make it do or do without. Just buy food and pay your basic bills, and you will make it. We got trought Carter years, we should know how to get trough this times too. I remember hard times when we made candles out of lard and shoelaces, we played free board games in the evening. My father raised 4 kids alone, and we never depended on the government.

malachi72
10
Points
malachi72 01/26/09 - 05:15 pm
0
0
crackertroy - food lion going

crackertroy - food lion going somewhere. brand new stores opening in evans/grovetown'

iletuknow
8
Points
iletuknow 01/26/09 - 06:45 pm
0
0
Please move the junk out of

Please move the junk out of the aisles before leaving.

Just My Opinion
5928
Points
Just My Opinion 01/26/09 - 07:20 pm
0
0
Funny (well, not really), but

Funny (well, not really), but I had a friend of mine tell me the other day that he felt the recession wasn't as bad as people are trying to make it out to be, because HE just doesn't see it affecting him on a day-to-day basis. I guess he's just not realizing that the store closures, "price adjustments", and more people on welfare are a product of these hard times. Just so happens that his kid is on a scholarship at a local private school. Wonder what he'll say when the school decides it can't afford to allow his kid to attend there for free anymore? His wife doesn't work, so I wonder what he'll say when his government job is scaled back and he loses it and she might have to get a job as a checker at Wal-Mart (nothing wrong with that, btw). On the other hand, I don't need to worry about him...I need to worry about my own family, huh?

overburdened_taxpayer
117
Points
overburdened_taxpayer 01/26/09 - 08:36 pm
0
0
No more Food Lion? Oh and

No more Food Lion? Oh and Sandy - Bite Me!

SandyK2005
1
Points
SandyK2005 01/26/09 - 09:08 pm
0
0
Yes, OT, I'm boycotting all

Yes, OT, I'm boycotting all companies giving money to Israel for Zionist activities. Hope more will do the same. :)

overburdened_taxpayer
117
Points
overburdened_taxpayer 01/26/09 - 11:26 pm
0
0
Well, luckily people who can

Well, luckily people who can only afford to ride the bus don't usually buy much from those businesses anyway.

SandyK2005
1
Points
SandyK2005 01/27/09 - 01:44 am
0
0
I'm sure you're just as

I'm sure you're just as insulting when Israelis get blown up on buses, too. BTW, thanks for showing the mindset of a Zionist in all it's misery.

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