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Old 01-26-2009, 01:08 PM   #1
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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.
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Old 01-26-2009, 01:12 PM   #2
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Sorry to hear, John. I'd break some knees if needed, just let me know
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Old 01-26-2009, 01:18 PM   #3
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We will see if it really stays out of the store level.
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Old 01-26-2009, 01:39 PM   #4
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They closed all the HD stores in Wisconsin last year already...

I hope it doesn't effect you.
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Old 01-26-2009, 01:51 PM   #5
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Quote:
Originally Posted by SIPNGAS View Post
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
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Old 01-26-2009, 01:54 PM   #6
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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...
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Old 01-26-2009, 02:36 PM   #7
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I really feel for you guys, hope all goes well.
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Old 01-26-2009, 02:42 PM   #8
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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
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Old 01-26-2009, 02:47 PM   #9
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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 .
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Old 01-26-2009, 03:02 PM   #10
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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!
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Old 01-26-2009, 03:15 PM   #11
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not putting all the blame on middle east . We're all part of the equation . Directly or not . TAKE CARE
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Old 01-26-2009, 03:17 PM   #12
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all it takes is a few rotten apples to ruin it for the rest .
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Old 01-26-2009, 03:23 PM   #13
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all it takes is a few rotten apples to ruin it for the rest .
True true :)
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Old 01-26-2009, 03:25 PM   #14
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Quote:
Originally Posted by SIPNGAS View Post
They closed all the HD stores in Wisconsin last year already...
You don't have Home Depot stores in Wisconsin? What's left? Lowes?
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Old 01-26-2009, 03:49 PM   #15
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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.
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Old 01-26-2009, 05:42 PM   #16
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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.

p.s. Sprint/NEXTEL just announced 8K worth of layoffs today too.
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Old 01-26-2009, 05:52 PM   #17
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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.
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Old 01-26-2009, 07:54 PM   #18
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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
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