UNDATED - Home Depot Inc. says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market - and two other unrelated announcements will mean another 16,000 layoffs in the drug manufacturing and cellular phone industries.
The nation's largest home improvement retailer says the cuts announced Monday morning will affect about 2 percent of its work force.
Under the plan, the Atlanta-based retailer will close its 34 Expo Design Centers, five YardBIRDS stores, two Design Center stores and a bath remodeling business that has seven locations. Those stores will close in the next two months.
Its core Home Depot stores won't be affected.
The company also plans to shed 2,000 non-store jobs and freeze the pay of its officers.
Home Depot will record a $532 million pretax charge in the fourth quarter related to the closures and layoffs.
OTHER LAYOFFS
Drug giant Pfizer is buying rival drugmaker Wyeth in a $68 billion cash and stock deal. At the same time, Pfizer announced cost cuts that include slashing more than 8,000 jobs. (See separate story.)
Sprint Nextel is eliminating about 8,000 positions. The nation's third-largest wireless provider says it will complete the layoffs, which amount to about 14 percent of its 56,000 employees, largely by March 31.
Thursday
July 3rd, 2025
2:49AM
