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

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