Home Depot to cut 7,000 jobs, exit Expo business

[Pale Blue Dot]

Source: Marketwatch

Home Depot said Monday that it will exit its Expo business and streamline its support functions, resulting in 7,000 job cuts. That is about 2% of the company's workforce. The company sees a total pre-tax charge due to these actions of approximately $532 million, of which approximately $390 million will be recognized in the fourth quarter and the remaining $142 million will be recognized in 2009 and beyond. In addition, Home Depot affirmed its 2008 forecast of a decline of 8% in sales and a 24% drop in earnings per share from continuing operations before today's announcement. End of Story

Read more: http://www.marketwatch.com/news/story/home-depot-cut-7000-jobs/story.aspx?guid={08C017E6-3D5B-4549-B50E-6D8F418FE310}&dist=TQP_Mod_mktwN

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Now that's 45,000 job cuts announced so far this morning.

[Ian David]

1. Home Depot will cut 7,000 jobs. But it'll take an hour of begging to find someone to do it for them.

[Scurrilous]

9. LOL

"Sorry, I don't work in the job cut department."

[DCKit]

34. Funny, but really sad.

We used to have Hechingers in the DC area. Great store, but it's gone - They didn't hang on long enough to benefit from the home-improvement boom.

Now my only hope is that Lowes will take over some of the Home Depots in our area, 'cause I *really* hate shopping there. They adopted the same tactics that killed Circuit City and now I only go there when I'm feeling masochistic (or really, really need something).

[xchrom]

2. yikes -- this whole thing is a nightmare. nt

[Baby Snooks]

10. Just the beginning...

This is just the beginning. Many of the banks that received "assistance" of course have or will layoff employees. Which sums up the reality of the "stimulus" packages. They are meant to stimulate the economy of the crooks. Not the economy itself.

And the next package won't result in jobs either. Just stimulate whoever gets the state contracts for all the infrastructure improvements and supply more money for the rest of the crooks to waste.

Everyone wants a piece of the action. And so far it seems everyone will get a piece of the action. Except for the American people. Who simply do not matter.

Thank you Madame Speaker. And thank you people of San Francisco. May your city be the first to go under.

[xchrom]

13. not so much money is going to infrastucture.

depending on how you look at the current bill -- 18%.

[Baby Snooks]

14. Of course not...

Congress decided they had to spread it around more. Like manure. Which sums up Congress.

[xchrom]

21. there are a lot of tax cuts in the current package.

but the tax cuts won't amount to so much when it comes to each individual family or person.

[XemaSab]

28. It's a boondoggle

Unless you work in infrastructure. ;)

[bigworld]

3. EXPO is their home-design center

where they do custom designs and consulting. Just FYI, with no thanks to the original article.

[jmowreader]

25. EXPO is their attempt to put high-end kitchen dealers out of business

The reason it failed is easy to understand once you understand exactly what they sell: if you are going to buy a Miele appliance or something else similarly high-end, you are going to buy it from a company that has a repair department. And it's not like you will get a super great deal on a $5000 range--the people who make that kind of appliance also prescribe the price it will be sold at.

So...if you're going to drop five bills on a Miele range whether you get it from Triangle Kitchen Design or from EXPO, and Triangle Kitchen Design is going to install and service it anyway, you are going to shop at Triangle Kitchen Design. That's what people did, and that's why EXPO was never profitable.

[SoCalDem]

36. or you do what we did.. AJ Madison

with an in-home service policy for 5 years (added to the end of the one year warranty they come with)..

They delivered it to our front door..we paid NO shipping/no tax

http://www.ajmadison.com/?mv_pc=cj&PID=1439445

[terisan]

4. The military buildup in Afghanistan will absorb many unemployed nt

[snooper2]

5. I spent $230 at Lowes this weekend...

Home Depot- you are closer but you suck ass

[WriteDown]

35. I knew a girl in NC who's father was a BIGWIG at Lowe's...

He was also one of the biggest rethugs you could ever meet. I will never set foot in a Lowe's.

[AlCzervik]

6. I worked for The Expo, they sell a lot of higher end stuff so if business is way

down i'm not surprised.

[onehandle]

7. I know a lot of people who have worked in their Marketing Department here in Atlanta.

Not a pleasant company to work for.

Expo died with the new house market.

Nobody is buying their $6,000+ Sub-Zero refrigerators.

[radfringe]

8. using the 500,000 job loss number for last month

500,000 / 31(day month) = 16,129 jobs lost per day

16,129 / 24 hours = 672 jobs lost per hour

672 / 60 minutes = 11 jobs lost per minute

(numbers are rounded off)

[Le Taz Hot]

11. I'm sorry that all those people will be losing their jobs;

however, I stopped going to Home Depot when they stopped hiring plumbers for the plumbing department and electricians for the electrical department, etc. Instead, they hired minimum wage workers who knew no more about electrical than I did. I've been doing business with my LOCAL hardware store and, even though I have to pay a little more, they have plumbers in the plumbing department . . . i.e, people that can actually answer questions. I can bring in a thingymabob, show it to one of the employees who tells me that's a %^&#%)%)&# Model 2846 and yes, they have those right here and what color would I like it in? Remember when you used to be able to do that in a hardware store? You still can. Shop local.

[FarCenter]

15. The decline of Home Depot's service was during the Robert Nardelli regime

Stop hiring competent employees and hire incompetent, part time employees to cut expenses.

He was an ex-GE Jack Welch disciple who did grave damage to Home Depot.

He is now the head of Chrysler.

[AlCzervik]

16. he ruined HD, i worked there way before him and left sometime after he took over.

the day i saw the end cap of crock pots i knew that was going to be it for me.

[jmowreader]

24. And if they hire a competent one, they work him to death for $11/hour

[customerserviceguy]

18. Yes, shop local if you still can!

Home Cheapo and the other blister-card stores have put a lot of mom and pop hardware stores out of business. In doing so, they have eliminated a valuable source of expertise to the do-it-yourselfer.

I'd rather walk on the friendly wood floors of the hardware store in Atlantic Highlands, NJ where we get supplies for my lady's rental condo than to get lost in a sea of indifference in HD. The real hardware store employee knew exactly which fire extinguisher was up to city code for use in a rental, the people in HD had no idea about something a few towns away!

[4_TN_TITANS]

30. I think the pendulum is starting to swing back to the little guy here.

The initial 'yehaw' of look how much I saved is wearing off. Our local Ace hardware is thriving just down the street from a Wallyworld superstore.

[Pacifist Patriot]

22. Too right.

My brother-in-law and I were working on the same project in our respective houses. He spent five hours in Home Depot while I popped over to the local hardware store. Two quick conversations later I was on my way with what I needed. He was still trying to assemble his supplies when I was done with the project. The kicker? He's a handy man's handy man and I'm a girly girl with two left thumbs. Ha!

[BootinUp]

26. I don't think thats accurate.

they, HD, maintain some number of people that can give advice and help. Maybe not enough though.

[lanlady]

27. I wish I could--

--shop local. But our area's family-owned hardware store was driven out of business by Lowe's and HD.

[XemaSab]

29. Even OSH.... you ask a checkstand clerk where the doohickeys are

and even the little old ladies there can point you to the right aisle... where you will find the aforementioned person who can ask you what you're using it for and if you need the galvanized model or not.

[AngryOldDem]

31. I would, but the nearby Lowes put one hardware store out of business.

It had been a family owned and operated concern for nearly 100 years, and when they closed, the specifically cited the big-box stores as a reason. Just couldn't compete.

[Itchinjim]

12. I hate to see people lose their jobs,

but Home Depot is way, way overpriced and their lumber is the shitiest around. Home Depot is a victim of it's own shortsighted greed.

[supernova]

17. Getting rid of their Olympic athletes program too

They won't get athletes a job anymore and let them work around their training schedules.

[Bette Noir]

19. Home Depot's failure comes a decade too late for the

mom-and-pop hardware stores they drove out of business. Ironic-- smaller stores might have weathered the economic storms better.

[Javaman]

33. Exactly right. the local hardware store I used to go to is now long gone.

it's either home despot or loads.

[OhioChick]

20. So many jobs lost today....

What is going to happen to everyone?
K&R

[loudsue]

23. Taking their customers out of the work force just like all the other CEO's

Stupid stupid stupid.

[AnnieBW]

32. Maybe I'll swing by EXPO and get

that "design your own backsplash" tile that I've been coveting, but unable to afford otherwise. It's the only thing that I really was interested in at EXPO.

[specimenfred1984]

37. Darn, I really wanted that $1500 lamp and $4000 water faucet

Seriously, did anyone ever go into an Expo? I bought some ceramic floor tiles there on clearance which equaled the price I could have found elsewhere. The regularly priced items were laughable. As badly as people need jobs, some of the places going out of business like Expo did nothing but cater to an ignorant and greedy few.