Tuesday, January 27, 2009

Home Depot To Close Expo, Cut Thousands Of Jobs

From: CNNMoney.com
January 26, 2009: 12:51 PM ET

CHICAGO (Dow Jones) -- In another sign of the worsening economic downturn, Home Depot Inc. said Monday that it is throwing in the sponge on its Expo design and décor business, closing stores and laying off thousands of employees.

Before the opening bell, Home Depot (HD) said that Expo has "not performed well financially and is not expected to anytime soon. Even during the recent housing boom, it was not a strong business."

The business "weakened significantly as the demand for big-ticket design and decor projects has declined in the current economic environment."

Over the next two months, the company will close 34 Expo Design Center stores, five YardBIRDS stores, two Design Center stores and a bath remodeling business known as HD Bath, with seven locations. All told, that will result in the loss of about 5,000 jobs.
[Full Story]


Paris Atelier said...

I read about this, so sad. I loved the Expo. Maybe we can score some good deals before they close shop for good :( It's a scary world we're living in. Laying off 60,000 in one day nation wide is a true realization of what is going on. It makes me feel so blessed and humbled about my life.
xoxox My friend!

Chris said...

This is distressing to me. Although I'm one of those who believes we have expanded too much for our own britches, that doesn't mean creative expansion isn't wonderful. It's so sad for jobs and people's lives. We must hope and hope, and do what we can...