Home Depot to cut back on new store openings, close some locations
Industrial Distribution staff -- Industrial Distribution, 5/1/2008 7:15:00 AM
The Home Depot plans to reduce its spending on opening new stores by about $1 billion over the next three years and shutter 15 underperforming stores, the MarketWatch Web site reported.The move, aimed at focusing on existing stores hurt by the residential construction slump, means the Atlanta-based home improvement retail giant will abandon plans for about 50 new stores. The closure of 15 stores will affect 1,300 employees.
Together, the moves will mean charges of about $586 million.
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