January 28, 2009
Home Depot plans to eliminate 7,000 jobs and close stores
ATLANTA
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 U.S. housing market. The company’s shares climbed more than five per cent in Monday trading.
North America’s biggest home improvement retailer said Monday the cuts will affect about two per cent of its 300,000 workers worldwide and cause the Atlanta-based chain to record a US$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.
The company’s core Home Depot stores won’t be affected
In Canada, Home Depot operates about 190 stores across the country and employs 35,000 people.
Canadian Press
| MOST POPULAR STORIES |
- Steel hurdles for Aga Khan Museum build
- How to suspend a 13-storey tower over a century-old four-storey structure
- Benson Steel faces transport challenge on Toronto Yorkdale Mall construction project
- York Region, Ontario approves subway construction expenditures
- Bidding closes for Toronto 2015 Pan Am games venues
- 20 Most Popular Stories
| TODAY’S TOP CONSTRUCTION PROJECTS |
These projects have been selected from 273 projects with a total value of $4,217,286,523 that Reed Construction Data Building Reports reported on Wednesday.
$1,000,000,000 Province of Ontario ON Prebid
CONDOMINIUM APARTMENT BLDG, RETAIL
$60,000,000 Toronto ON Prebid
POLICE HEADQUARTERS FACILITY & DISTRICT FACILITY
$60,000,000 Niagara Falls ON Prebid
| CURRENT STORIES |
- Toronto Construction Association presents ‘Best of the Best’ awards
- Interior floor care a major consideration in condo maintenance
- Brazil World Cup venue workers threaten strike
- Construction plans heated up in December 2011: Statistics Canada
- Canada about to fall to second in economic growth among the G7
- Thunder Bay, Ontario considers $40-million capital budget
- Alberta throne speech hints at development plan
- Union claims construction oversight needed at defence department
- North Vancouver condos are First Place
- $2 billion oilsands expansion gets the green light
- Whistler asphalt plant operator wins court battle
- Research council's web wind tool helps with roof design
- Exploring the Canadian identity
- Immigration stream would be welcome
- Saskatchewan mayors want cash
- Yukon's first LEED structure earns its certification
- Co-operation planned on codes and standards
| ALEX’S ECONOMICS BLOG |
Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
- Home starts and job levels diverge in Canada and the U.S. (February 8, 2012)
- Canada’s labour market flat in January but U.S. on a roll (February 3, 2012)
- Canada’s leading indicator series continued to charge ahead in December (January 23, 2012)
- More
