Home Depot Layoffs: 7,000 Jobs Lost; Home Depot Expo to Close

The Washington Post reports on Home Depot’s layoffs and Home Depot Expo store closings:

Home Depot Inc said it will eliminate 7,000 jobs, or about 2 percent of its workforce, as it closes its Expo home design centers and cuts corporate support staff, sending its shares up 6 percent.

The world’s largest home improvement retailer also said on Monday it was freezing the salaries of all officers as it looks to save money in a prolonged retail slump.

Home Depot opened the Expo stand-alone stores 1991. But even during the most recent housing boom, it was not a strong business and has weakened significantly as demand waned for high-priced home improvement projects, the company said.

“We see the announcements as largely positive,” Stifel Nicolaus analyst David Schick said in a research note, adding that it made no sense for Home Depot to stick with the Expo business, hoping for long-term growth even as it trims its main operations.

I can think of 7,000 people off the top of my head who don’t see the announcement as positive.

Top 10 mafia controlled businesses or so we've been told

Written by Drea Knufken

Currently, I create and execute content- and PR strategies for clients, including thought leadership and messaging. I also ghostwrite and produce press releases, white papers, case studies and other collateral.