Home Depot To Close Stores
By: Web Producer
Updated: May 2, 2008
Home Depot To Close 15 U.S. Stores, Affecting 13-hundred Workers
(Atlanta, GA) -- Home Depot has announced plans to to close 15 under-performing U.S. stores and put on hold plans to open 50 new stores.
The store closures will affect about 13-hundred workers.
Additionally, the Atlanta-based home improvement retailer says it plans to cut capital spending by one billion dollars over the next three years.
Home Depot sales have been hurt by the slowdown in the housing market.
Home Depot CEO Frank Blake says by building fewer stores and making sure the existing stores are profitable, the company will be in a much stronger competitive position.
In February, Home Depots fourth-quarter net income dropped 27 percent, far below the expectation of analysts.
(Copyright 2008 by Newsroom Solutions)
RNS-05-02-08 0247CDT
