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.
The company said Monday the cuts will affect about 2 percent of the company's 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 ExpoCenters, five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites.
Those stores will close in the next two months.
Bankruptcies and Liquidations:
Potential Bankruptcies & Liquidation Impact: 999 stores
Total Closings: 434 stores
Potential Impact of All Announcements to Date: 1,433 stores