Home Depot to cut 7,000 jobs, exit Expo business

[Pale Blue Dot]

Source: Marketwatch

Home Depot said Monday that it will exit its Expo business and streamline its support functions, resulting in 7,000 job cuts. That is about 2% of the company's workforce. The company sees a total pre-tax charge due to these actions of approximately $532 million, of which approximately $390 million will be recognized in the fourth quarter and the remaining $142 million will be recognized in 2009 and beyond. In addition, Home Depot affirmed its 2008 forecast of a decline of 8% in sales and a 24% drop in earnings per share from continuing operations before today's announcement. End of Story

Read more: http://www.marketwatch.com/news/story/home-depot-cut-7000-jobs/story.aspx?guid={08C017E6-3D5B-4549-B50E-6D8F418FE310}&dist=TQP_Mod_mktwN

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Now that's 45,000 job cuts announced so far this morning.