Home Depot Hacks 7K Jobs

Home-improvement giant having rough time in slow housing market
By Newser Editors and Wire Services
Posted Jan 26, 2009 8:36 AM CST
In this 2008 file photo, applications for the Home Depot Consumer Credit Card stand in a display at a Home Depot story in Chicago.   (AP Photo)
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(Newser) – Home Depot says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market. The nation's largest home-improvement retailer says the cuts announced this morning will affect about 2% of its workforce. Its core Home Depot stores won't be affected.

Under the plan, the Atlanta-based retailer will close its 34 Expo Design Centers, five YardBIRDS stores, two Design Center stores and a bath remodeling business that has seven locations. Those stores will close in the next two months. The company also plans to shed 2,000 non-store jobs and freeze the pay of its officers.