HD Recession?

TimNJ

I read this morning HD is shutting down 15 stores due to poor sales out of them. These are their regular HD stores and not their "botique" specialty stores. It didn't say where the stores were though.

deckman22

Breaks my heart.

I just hope some of those are ones in my area.

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SelfContract

They follow the path of other "retail" Giants (Circuit City, CompUSA, Best Buy, Giant, Safeway, etc.)...and I'm not surpirsed a bit!!...

Lay off.. Lay off.. & Lay off, etc... (to STRUGGLE & SURVIVE)

TimNJ

For anybody from NJ, I can't imagine them keeping the store they have in Hightstown open. I have been in there on more than one occasion and I was the only customer in the whole building!

Tom M

They are building another one by me that is just down the block from my lumber yard and 2 miles down from a Lowes. This will be like the 5th one in a 10 mile radius.

GregS

Shutting them down there and building them here.

There is a Home Depot every other exit for the next 10 exits down the highway from me.

neolitic

They also said they were canceling
the openings of another 50 stores
scheduled for this year.


Couldn't happen to nicer people.

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Ed the Roofer

Here is where they are located.

Ed

http://news.yahoo.com/s/ap/20080501/...store_closings

Growth aside, Home Depot previously had never closed one of its flagship stores for performance reasons.

On Sept. 21, 2007, Blake told AP that the company had no plans to make any broad-based job cuts or reduce the number of its core retail stores in the face of a persistent housing slump that wasn't expected to improve anytime soon.

But since then, the economy and the housing market woes have grown worse, and Home Depot has announced several rounds of job cuts.

In December, Home Depot said it would cut 950 jobs and close three call centers that handle orders for home installation. The next month, Home Depot said it would cut 500 jobs at its headquarters.

Home Depot has sought over the last year to focus more attention on its core stores. In August 2007, it sold its wholesale distribution business, HD Supply, to a group of private equity firms for $8.5 billion.


The stores Home Depot said Thursday it plans to close consist of three in Wisconsin, two in Ohio, two in New Jersey, two in Indiana and one each in Kentucky, Louisiana, Minnesota, North Dakota, New York and Vermont.

A company spokesman said some of the affected employees will be relocated, while others could lose their jobs.

Spokesman Ron DeFeo said Home Depot has only closed one of its flagship stores previously because of structural damage. Last year, Home Depot closed its 11 Landscape Supply stores. It also has previously shut a number of its Expo design centers.

Due to the store closings announced Thursday, Home Depot will record a charge of roughly $186 million, including inventory markdowns of $11 million and severance of $8 million. It also will record a charge of roughly $400 million related to development costs and ongoing obligations associated with the future store locations that it is scrapping.

New store capital spending will be reduced by $1 billion over the next three years, Home Depot said.
Excluding charges, the company reiterated that its diluted earnings per share from continuing operations are expected to decline by 19 percent to 24 for fiscal 2008. Home Depot releases its first-quarter results May 20.

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BKFranks

Hmm...they just opened a new one in Palm Springs, CA. I went in yesterday to pick up a couple tubes of caulk and the place was empty.
You won't catch me crying over them closing some stores.

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Michaeljp86

the HD near me has like 100 employees and 2 customers, I have no idea how they lasted this long.

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Susan Betz

My neighborhood, in an area on the edge of town where development has been in fits and starts, is one of those planned HD openings. The county is widening roads and planning for development, including an HD and a Walmart. If this doesn't happen, I expect it will be another 20 years before this area develops.

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LaPintura

The 3 closing in Wisconsin are in: Fon Du Lac, Milwaukee and Beaver Dam

HomeSealed

That Milwaukee store has more customers who steal than who actually buy anything...the funny thing is that it hasnt been open for more than a year or two.

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neolitic

Is there one in Wauwatosa?

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HomeSealed

Not closing, no. Actually I think the closest one to Tosa is in Brookfield and that one is pretty busy.

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neolitic

Be neat if Menard drove 'em
outta town!

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HomeSealed

I agree.. I definitely prefer to buy from places who dont try to steal my customers.

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Tom M

I stand corrected. Just heard they are delaying the opening of one and closeing a few. The word is 50% off for a day I need to get some serious tool discounts.

cmec

I dont like to see business bad for any body but ,They put a lot of small suppliers and hardwares out of business and cut into contracting, what goes around comes around

WarnerConstInc.

Closing one in Fort Wayne, In. I dont think anyone goes there. It is in the Undesirable part of town, besides they just opened a Menards for that part of town.