January 26, 2009
ATLANTA (AP) -- Home Depot Inc. says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market.
The nation's largest home improvement retailer says the cuts announced Monday morning will affect about 2 percent of its work force.
Under the plan, the Atlanta-based retailer will close its 34 Expo Design Centers, five YardBIRDS stores, two Design Center stores and a bath remodeling business that has seven locations. Those stores will close in the next two months.
Its core Home Depot stores won't be affected.
The company also plans to shed 2,000 non-store jobs and freeze the pay of its officers.
Home Depot will record a $532 million pretax charge in the fourth quarter related to the closures and layoffs.
(Copyright 2009 by The Associated Press. All Rights Reserved.)