The Home Depot layoffs - Toyota Yaris Forums

*jclo3313* · 01-26-2009, 01:08 PM

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 · 01-26-2009, 01:12 PM

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

*jclo3313* · 01-26-2009, 01:18 PM

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

SIPNGAS · 01-26-2009, 01:39 PM

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

I hope it doesn't effect you.

Thirty-Nine · 01-26-2009, 01:51 PM

Quote:

Originally Posted by SIPNGAS

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&sour...e=UTF8&t=h&z=8

SIPNGAS · 01-26-2009, 07:58 PM

Quote:

Originally Posted by Thirty-Nine

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

http://maps.google.com/maps?f=q&sour...e=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.

LtNoogie · 01-26-2009, 03:25 PM

Quote:

Originally Posted by SIPNGAS

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

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

SIPNGAS · 01-26-2009, 07:56 PM

Quote:

Originally Posted by LtNoogie

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.

Chupacabra · 01-26-2009, 01:54 PM

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...

ZING · 01-26-2009, 02:36 PM

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

gid · 01-26-2009, 02:42 PM

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

. TAKE CARE

gid · 01-26-2009, 02:47 PM

greed is a big player in this mess

. 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

.

GeneW · 01-27-2009, 04:18 AM

Quote:

Originally Posted by gid

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

ZING · 01-26-2009, 03:02 PM

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 · 01-26-2009, 03:15 PM

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

gid · 01-26-2009, 03:17 PM

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

ZING · 01-26-2009, 03:23 PM

Quote:

Originally Posted by gid

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

True true :)

33OH · 01-26-2009, 03:49 PM

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.

01-26-2009, 01:08 PM	#1
jclo3313 Super Moderator View User's Garage Drives: Absolutely red Liftback Join Date: Oct 2008 Location: Woodstock, Ga Posts: 7,816	The Home Depot layoffs 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. __________________ Obama Can't Gymkhana!

01-26-2009, 01:12 PM	#2
KCALB SIRAY それを吸ってください View User's Garage Drives: black sand lb Join Date: Oct 2008 Location: Virginia Posts: 8,894	Sorry to hear, John. I'd break some knees if needed, just let me know __________________ http://lifesdailypimpslap.tumblr.com/#me My Build

01-26-2009, 01:18 PM	#3
jclo3313 Super Moderator View User's Garage Drives: Absolutely red Liftback Join Date: Oct 2008 Location: Woodstock, Ga Posts: 7,816	We will see if it really stays out of the store level. __________________ Obama Can't Gymkhana!

01-26-2009, 01:39 PM	#4
SIPNGAS I LOVE my Yaris! View User's Garage Drives: 2007 Polar White LB Join Date: Oct 2008 Location: Southeast Wisconsin Posts: 5,164	They closed all the HD stores in Wisconsin last year already... I hope it doesn't effect you. __________________ We don't see things as THEY are...we see them as WE are. Lisa aka *SIPNGAS*

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01-26-2009, 01:54 PM	#9
Chupacabra Banned Drives: 2009 Yaris liftback Join Date: Nov 2008 Location: CT Posts: 350	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...

01-26-2009, 02:36 PM	#10
ZING View User's Garage Drives: Yaris '09,GTi '09, BMW 3.30ci Join Date: Oct 2008 Location: Lebanon, Middle East. Posts: 582	I really feel for you guys, hope all goes well.

01-26-2009, 02:42 PM	#11
gid Drives: '08 Yaris sedan , '08 Liftback Join Date: Oct 2008 Location: Northeast Posts: 643	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 . TAKE CARE

01-26-2009, 02:47 PM	#12
gid Drives: '08 Yaris sedan , '08 Liftback Join Date: Oct 2008 Location: Northeast Posts: 643	greed is a big player in this mess . 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 .

01-26-2009, 03:02 PM	#14
ZING View User's Garage Drives: Yaris '09,GTi '09, BMW 3.30ci Join Date: Oct 2008 Location: Lebanon, Middle East. Posts: 582	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!

01-26-2009, 03:15 PM	#15
gid Drives: '08 Yaris sedan , '08 Liftback Join Date: Oct 2008 Location: Northeast Posts: 643	not putting all the blame on middle east . We're all part of the equation . Directly or not . TAKE CARE

01-26-2009, 03:17 PM	#16
gid Drives: '08 Yaris sedan , '08 Liftback Join Date: Oct 2008 Location: Northeast Posts: 643	all it takes is a few rotten apples to ruin it for the rest .

01-26-2009, 03:49 PM	#18
33OH Drives: '08 Yaris Join Date: Oct 2008 Location: Dover, Ohio Posts: 7,606	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.