In a move that has probably never happened in its history, Home Depot (HD) will close 15 stores. It will also cancel the opening of another 50 locations.
According to the company, "These closings will impact approximately 1,300 associates. The store managers and assistant store managers at these locations will be offered other store management positions within the organization. The Company will work to place the rest of the associates in other comparable store positions where available."
The moves should cut capital spending by about $1 billion over the next three years. The company will write-off $400 million due to the action.
Douglas A. McInyre