Home Depot Hacks 7K Jobs

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. (More Home Depot stories.)