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.

By (Reuters)

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Published: Mon 26 Jan 2009, 8:55 PM

Last updated: Sun 5 Apr 2015, 10:27 PM

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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