QuoteThe Home Depot Inc. will slash 7,000 jobs, freeze officer salaries and close its 34 EXPO stores due to the recession and housing slump.
The Atlanta-based home improvement retailer said the job cuts are “to better align the company's cost structure with the current economic environment.†The company will stay on a path toward a region- and district- based support model in various field functions and cut jobs in administrative functions in store support centers. The support reductions will eliminate 2,000 jobs and will result in a 10 percent reduction in the company's officer ranks. It will not impact any customer-facing positions in Home Depot stores.
Home Depot (NYSE: HD) also has adopted a salary freeze among all officers. But, it will continue to offer merit increases to non-officer associates, as well as earned bonuses and the company's existing 401k matching contribution for all associates, including officers.
Lastly, the company will close its EXPO business, which it said “has not performed well financially and is not expected to anytime soon. Even during the recent housing boom, it was not a strong business. It has weakened significantly as the demand for big ticket design and decor projects has declined in the current economic environment.â€
Over the next two months, the company will shutter 34 EXPO Design Center stores, five YardBIRDS stores, two Design Center stores and seven HD locations. This will eliminate 5,000 associates in the stores, support functions and distribution centers.
http://www.bizjournals.com/atlanta/stories/2009/01/26/daily1.html (http://www.bizjournals.com/atlanta/stories/2009/01/26/daily1.html)
So I guess this means the proposed location at University & I-95 will not be happening.
QuoteLastly, the company will close its EXPO business, which it said “has not performed well financially and is not expected to anytime soon. Even during the recent housing boom, it was not a strong business.
They have been talking about closing these for years...
Sad news for those involved with the company as employees or customers ... however ...
Personally, I find it noteworthy that the struggling or bankrupt chains (Linens n things, Circuit City, Home Depot, Mervyns, etc. etc.) always have strong competitors that tend to provide a newer, cleaner, more pleasant shopping experience (Bed Bath and Beyond, Best Buy, Lowes, etc)