The Home Depot layoffs

[jclo3313]

Looks like I might need a new job soon.

The Associated Press

Published: January 26, 2009

CHICAGO



Home Depot Inc. plans to eliminate 7,000 jobs while closing four dozen stores under its smaller home improvement brands as the recession continues to batter the nation's housing market. Its shares climbed more than 5 percent in morning trading.

The nation's biggest home improvement retailer said Monday the cuts will affect about 2 percent of its 300,000 workers and cause the Atlanta-based chain to record a $532 million pretax charge, most of which will be recorded in the fourth quarter.

Most of the cuts affect workers at Home Depot's 34 Expo Design Centers, five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites.

Those stores will close in the next two months.

Home Depot said its Expo business, which sells everything from throw pillows and sconces to bathtubs and vanities, hasn't performed well financially, even during the recent housing boom. It said the chain has weakened significantly in the current economic environment.

"Exiting our Expo business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers," Chairman and Chief Executive Frank Blake said in a statement. "At the same time, it is a necessary decision that will strengthen our core Home Depot business."

The company's core Home Depot stores won't be affected.

Home Depot's plans also include 2,000 cuts to non-store jobs, including 500 workers in its corporate headquarters, while freezing the pay of its officers.

Home Depot said it would record an additional $163 million in pretax fourth-quarter charges along with a $55 million post-tax charge related to the 2007 sales of HD Supply.

Meanwhile, the retailer also updated its 2008 guidance, saying it expects sales to fall 8 percent for the year while profit tumbles 24 percent when it releases fourth-quarter and full-year results on Feb. 24. Neither figures take into account the charges announced Monday.

Analysts expect the company to earn 16 cents per share on revenue of $14.8 billion for the fourth quarter.

In 2009, the chain said it expects sluggish sales to continue and plans to reduce capital spending by about $1 billion. It will open 12 stores this year.

Home Depot shares climbed $1.16, or 5.3 percent, to $22.88 in early trading Monday.

[KCALB SIRAY]

http://imagecache2.allposters.com/images/pic/HPM/DM1814~This-Bites-Posters.jpg

Sorry to hear, John. I'd break some knees if needed, just let me know

[jclo3313]

We will see if it really stays out of the store level.

[SIPNGAS]

They closed all the HD stores in Wisconsin last year already...

I hope it doesn't effect you.

[Thirty-Nine]

They closed all the HD stores in Wisconsin last year already...

I hope it doesn't effect you.

Huh? There are still Home Depots in WI ...

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=home+depot+wisconsin&sll=40.742332,-73.991494&sspn=74.971854,186.328125&ie=UTF8&t=h&z=8

[Chupacabra]

This economy is going to get worse before it gets better. EVERYBODY is holding onto their money. Disposable income is a thing of the past for many...:frown:

[ZING]

I really feel for you guys, hope all goes well.

[gid]

hopefully , you won't be one of the statistics . Best of luck to yeh . Is a whirlpool of despair . If many are holding onto their currency doesn't help the job situation . No winning :frown: . TAKE CARE

[gid]

greed is a big player in this mess :mad: . BIN LADEN and his people knew what they were doing as well. Has brought an extra burden on this nation which has spread to far corners of the planet . Look how the AFGHAN WAR helped bring the SOVIETs to economic descent . We can't afford to police the whole world . Ain't what it used to be :frown: .

[ZING]

You can't lay all the blame on the middle east tho, your country made alot of bad decisions, it is time to make right.


Anyways don't want to talk about these things. ah, hate it hehe.


Wish you luck John!

[gid]

not putting all the blame on middle east . We're all part of the equation . Directly or not . TAKE CARE

[gid]

all it takes is a few rotten apples to ruin it for the rest .

[ZING]

all it takes is a few rotten apples to ruin it for the rest .

True true :)

[LtNoogie]

They closed all the HD stores in Wisconsin last year already...


You don't have Home Depot stores in Wisconsin? What's left? Lowes?

[33OH]

We don't have any Home Depot's around us, but we never have. We have Lowes and Ace Hardware.

I wish you the best of luck John.

[redyaris]

How the mighty have fallen...

The failed 'legacy' of Robert Nardelli (now Chrysler CEO incredibly) is still hovering over Home Depot. That greed filled G w Bush supporter killed that once proud company singlehandedly.

Ask here in central Florida about Home Depot and what they did to Hughes Supply (now HD Supply). You wont get many favorable responses.

Board installed current CEO Blake (Nardelli's close buddy) is no improvement. It amazes me, even in these economic times it takes an act of Congress to find a salesperson in Home Depot with register clerks that cant even say 'thank you' when you buy something.

As for me, Lowes is the first place I go to buy home needs/tools, etc... after a Home Depot store Manager told me that Home Depot just didnt need my business....

Lowes doesn't give me hassles when returning items and has more people available to answer questions (generally, although they are far from perfect).

Perhaps Bernie Marcus (rich giant aquarium builder) and Arthur Blank (rich Atlanta Falcons owner and Mike Vick supporter) could reenter and remake HD but its too little too late.

Best of luck with the job search if one is needed.

BTW, the terrorists did win. They wanted total economic meltdown and chaos after 9/11. I would say they have achieved that 8 years later with some help from our own fellow Americans.:frown:

p.s. Sprint/NEXTEL just announced 8K worth of layoffs today too.

[Thirty-Nine]

My wife was laid off in September, and is still without work. Her field of architecture/interior design is hurtin' pretty badly because of the lack of building. She's going to have to start looking at a career change.

I was laid off in November, and have started a freelance writing gig. I've got several clients at this point, which is great. Hopefully, I can keep the work coming in. My Web site is being built (www.LilienthalCreative.com), and I've been out drumming up more business, too. I figure if I can be reasonably successful during the downturn, hopefully I can be even more successful in "good" times.

[staypuft]

i work in the orange box and i am in store level, i was informed that we are not going to go anywhere for now, but we do cut back on hours instead of laying off people

[SIPNGAS]

You don't have Home Depot stores in Wisconsin? What's left? Lowes?

Yep...only Lowes and then a local home-type store chain called Menards.

[SIPNGAS]

Huh? There are still Home Depots in WI ...

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=home+depot+wisconsin&sll=40.742332,-73.991494&sspn=74.971854,186.328125&ie=UTF8&t=h&z=8

ok..so there used to be several MORE HD stores..in Fond du lac, Racine, Oshkosh, Green Bay....they closed LOTS of them.

[staypuft]

im glad i dont live in wisconsin

[SIPNGAS]

im glad i dont live in wisconsin

I'm glad you don't, too. :rolleyes:

If you did, I couldn't make fun of you for being from Illinois. :bellyroll:

[PetersRedYaris]

im glad i dont live in wisconsin

Geez, Home Depot isn't that great... :iono:

[staypuft]

Geez, Home Depot isn't that great... :iono:

yeah but jobs are hard to come by.

[Kioshi]

John, I would check w/ the regional HR for your area. I work at a small volume store, and i too am afraid, but we make our sales goal most of the time, so we are in the clear at the moment...accodring to my DM, ASM, and SM. And besides, if you're the only store there, closing it down would mean Lowes would jump in on that spot and do some damage to Home Depot; not happening in that case.

[churp]

Jobs at the large companies are bad, but nothing much is said about the small companies...probably just as bad if not worse. Lots of the smaller companies have laid off to the bones around here and a few have cut everyone to 32 hours just to keep going.

[Kioshi]

For any Home Depot employees here...all i know is (around my area at least) stricter regulation of lunches, breaks and punching in-out is being monitored. Before my managers were lenient, now they aren't :(...I usually take advantage of the 6 minute grace period at my job most of the time haha..

[GeneW]

greed is a big player in this mess

Whose greed? Mortgage pushers? Politicians who wanted to buy votes by making it easier to buy homes? How about bureaucrats at Freddie Mac and Fannie Mae who gave campaign contributions to Congress people who were regulating them (conflict of interest)?

How many people here got phone calls from Mortgage pushers? I used to get them daily. I'd just erase them from my phone. My faves were the ones who said, "You have been pre-approved for a loan to reduce your mortgage". Really, how did they "pre-approve" me for a loan to reduce an expense that i do not have at all?

The "war on terror" is small potatoes in comparison to this train wreck. Yes, I wish that we were not over there meddling but let's keep it in perspective.

Gene

[GeneW]

Home Depot Inc. plans to eliminate 7,000 jobs while closing four dozen stores under its smaller home improvement brands as the recession continues to batter the nation's housing market. Its shares climbed more than 5 percent in morning trading.

Home Depot shares climbed $1.16, or 5.3 percent, to $22.88 in early trading Monday.

This is not part of HD's "core" business.

What surprises me is that HD isn't closing down more stores. I guess that people are starting to do their own work around the house and still need HD?

One of my coworkers does electrical work on the side. He claims that HD and Lowe's can match and beat a lot of the "old school" electrical supply houses in terms of price and selection.

Gene

[GeneW]

For any Home Depot employees here...all i know is (around my area at least) stricter regulation of lunches, breaks and punching in-out is being monitored. Before my managers were lenient, now they aren't :(...I usually take advantage of the 6 minute grace period at my job most of the time haha..

Probably a good idea to use that grace period as infrequently as possible. Where I work we are being observed and monitored for slacking and raising hell. Management is already restricting purchases above fifty bucks. They are also shuffling folks around, at first voluntarily and then they'll make folks go.

They offered work in other areas, some of which I've been trying to get into for over a year. I told one of my coworkers, "Christmas came early this year".

I don't take anything for granted now. Things are too unpredictable, and I remember the recession of 1982, handing out resumes by the stackfull and then waiting by the phone like the Maytag repairman. Screw that.

Gene

Gene

[jclo3313]

For any Home Depot employees here...all i know is (around my area at least) stricter regulation of lunches, breaks and punching in-out is being monitored. Before my managers were lenient, now they aren't :(...I usually take advantage of the 6 minute grace period at my job most of the time haha..

My store has been the same. We are a C volume store, so management has time to be fanatical about punch in punch out regs. I'm the guy that's always early, skips breaks and meal periods so that I can split early. These days no can do. Now with the bomb that has been droped, I can only see it getting tighter on day to day SOP. Who knows what is going to happen, but I know everyone here is walking on egg shels.

[KCALB SIRAY]

My store has been the same. We are a C volume store, so management has time to be fanatical about punch in punch out regs. I'm the guy that's always early, skips breaks and meal periods so that I can split early. These days no can do. Now with the bomb that has been droped, I can only see it getting tighter on day to day SOP. Who knows what is going to happen, but I know everyone here is walking on egg shels.

I think we need to open our own fab shop

[jclo3313]

I fyou have the start up g, I'm in.