The Home Depot Inc. will lay off 1,300 employees and close 15 underperforming U.S. stores as it cuts back on store expansion plans.
North Carolina stores will not be affected by the closures.
The company says the move will lead to $586 million in charges, $547 million of which will be recognized in its first fiscal quarter that ends in May.
Home Depot (NYSE:HD) says the revised expansion plan and store closures should improve free cash flow, provide stronger returns for the company and allow it to invest in existing stores.
The Atlanta-based home-improvement retailer will close stores in Indiana, Kentucky, Louisiana, Minnesota, New Jersey, New York, North Dakota, Ohio, Vermont and Wisconsin.
The closing stores represent less than 1 percent of the company’s network.
Filed under: Business | Tagged: Ace Hardware, Business, depression, Home Depot, layoffs, Lowe's, recession, True Value, unemployment
