Home Depot Laying Off 7,000; Closing EXPO Stores

ATLANTA -- Home Depot announced Monday it's laying off 7,000 employees and said it will close all of company's EXPO stores because of poor performance.

"Over the next two months, the Company will be closing 34 EXPO Design Center stores, five YardBIRDS stores, two Design Center stores and a bath remodeling business known as HD Bath, with seven locations," company officials said in a press release.

The closures will impact 5,000 employees in those locations, their support functions and their distribution centers, according to the company.

In addition to closing the EXPO stores Home Depot officials announced the elimination of another 2,000 jobs, cutting the company's workforce by 10 percent. About 500 of those cuts will be at the company's headquarters in Cobb County.

Most of those cuts will come in Home Depot's administrative and support staff.

"These changes will make us a stronger company," said Frank Blake, Home Depot chairman and CEO

Last January the home repair chain cut about 500 jobs at the company's headquarters in Cobb County.

The collapse of the housing market and tight credit have hurt sales at Home Depot stores.

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


Source: wsbtv.com