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Home Depot to cut 7,000 jobs, exit Expo business
CHICAGO - Home Depot Inc said it will cut 7,000 jobs, or about 2 percent of its workforce, as it shuts its Expo home design centers business and cuts down on corporate support staff.
The home improvement retailer also said on Monday it is freezing the salaries of all officers as it looks to save money in a prolonged retail slump.
The company said it expects pretax charges of about $532 million from its actions.
The company said it still expects sales to decline 8 percent and earnings per share to fall 24 percent from continuing operations for its fiscal year, excluding one-time charges.
For its coming fiscal year, Home Depot said it will cut capital spending to about $1 billion and will open 12 stores.
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