On January 26, 2009, home improvement retailer Home Depot announced it would cut about 7,000 jobs, or roughly 2% of its workforce. The company also said it would close all of it's Expo Design Center stores and freeze the salaries of its officers.Market Watch: Home Depot to close Expo, slash jobs CNNMoney.com: Home Depot cutting 7,000 jobs (January 26, 2009)
Home Depot is the world's largest home improvement retailer, with more than 2,200 stores in the U.S., Canada, China and Mexico.Home Depot: Building Toward Success
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"We're very fortunate that the soundness of our company lets us live our value of taking care of our people, even in this time of unprecedented economic hardship. These changes will make us a stronger company and will allow us to continue to grow associate employment over the long term to benefit our customers."— Frank Blake, Home Depot CEOAFP: Top US home improvement retailer cuts 7,000 jobs
References
Fast Facts
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Home Depot announced it would lay off about 7,000 employees in January 2009Market Watch: Home Depot to close Expo, slash jobs
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Severance packages were expected to be offered to all the laid off workersAFP: Top US home improvement retailer cuts 7,000 jobs
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Company planned to close all of its 34 Expo Design Center storesMarket Watch: Home Depot to close Expo, slash jobs
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January 31, 2008
Home Depot announced the layoff of 10% of its headquarters staff
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About 500 of the 5,000 employees were let go
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Personnel were paid for 60 days, through April 4, 2008
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Home Depot is the world's largest home improvement retailer
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Home Depot employed 331,000 workers as of January 2008CNNMoney.com: Home Depot, Inc. Company Profile
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Annual revenue for 2007
