7000....Home Depot to cut 7,000 jobs, exit Expo business
By John Ittner
Last update: 8:57 a.m. EST Jan. 26, 2009
Comments: 12
NEW YORK (MarketWatch) -- Home Depot (HD:
Home Depot, Inc
News , chart , profile , more
Last: 21.72-0.25-1.14%
4:01pm 01/23/2009
HD 21.72, -0.25, -1.1%) 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.
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