Home Depot Axes Stores
Home Depot recently announced that 47 poorly performing non ‘Orange Box’ stores will be closed, affecting approximately 5,000 jobs. The stores scheduled for closure include EXPO Design Centers, YardBIRDS stores, Design Center stores and HD Bath. Poor performance due to declining demand for big ticket design and decor projects was the cited reason.
A ten percent reduction in administrative and support staff was also announced, affecting an additional 2,000 jobs. This brings the total number of affected jobs to about 7,000 or about two percent of the total workforce.
“Exiting our EXPO business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers,” said Chairman and CEO Frank Blake. “At the same time, it is a necessary decision that will strengthen our core Home Depot business.”