Tuesday, January 27, 2009
Home Depot To Close Expo, Cut Thousands Of Jobs
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 dÃ©cor 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.