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Home Depot: It sad, but its one of the drawbacks in having a big box store with high inventory space and overhead costs.
Sprint is about missed opportunities.
Home Depot cutting 7,000 jobs, Sprint cuts 8,000
http://money.cnn.com/2009/01/26/news...epot/index.htmNEW YORK (CNNMoney.com) -- Home Depot, the No. 1 home improvement retailer, announced Monday that it is shuttering its high-end EXPO business and shrinking its support staff, with both moves resulting in a reduction 7,000 jobs.
Home Depot (HD, Fortune 500) said the staff cuts impact 2% of its total workforce. The company said the the latest job cuts will not impact any customer service positions in its Home Depot stores.
"Exiting our EXPO business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers," Home Depot CEO said in a statement. "At the same time, it is a necessary decision that will strengthen our core Home Depot business."
The company said in a statement that its EXPO business has not performed well financially and is not expected to anytime soon.
"Even during the recent housing boom, it was not a strong business. It has weakened significantly as the demand for big ticket design and decor projects has declined in the current economic environment. Continuing this business would divert focus and resources from the company's core [Home Depot] stores," the statement said.
Over the next two months, the closure of 34 EXPO Design Center stores, five YardBIRDS stores, two Design Center stores and a bath remodeling business known as HD Bath will impact 5,000 jobs, the company said.
Additionally, the retailer said it will reduce support staff, impacting about 2,000 employees, and will result in a 10% reduction in the company's officer ranks.
Home Depot also announced a salary freeze for all of its officers although the retailer would continue to offer merit increases to non-officer level staff, earned bonuses an the company's existing 401 (k) matching contribution for all employees, including officers.
The company reiterated its previously announced full-year sales and profit guidance. Home Depot expects fiscal 2008 sales and earnings per share from continuing operations to decline by 8% and 24% respectively, excluding charge associated with the latest job cuts and store closings
Analysts expect Home Depot to post full-year profit of $1.73 a share on sales of $71.5 billion, according to Thomson *******.
For 2009, Home Depot said it expects continued weakness in sales. The retailer said it will cut capital expenditure to approximately $1 billion and will open 12 stores.
Home Depot will report its full-year results next month.
http://money.cnn.com/2009/01/26/news...ion=2009012608NEW YORK (CNNMoney.com) -- Sprint Nextel Corp. will cut a total of about 8,000 jobs by March 31, the company said Monday.
The plan is to reduce internal and external labor costs by about $1.2 billion on an annual basis, Sprint Nextel (S, Fortune 500) said in a press release. The cuts will affect all levels of the company and geographic locations will vary, the Overland Park, Kan.-based company said.
"Labor reductions are always the most difficult action to take, but many companies are finding it necessary in this environment," said Sprint CEO Dan Hesse.
The job reduction total includes about 850 positions that the company said it expected would be eliminated under a voluntary separation plan started in late 2008.
Severance and related costs associated with the reduction could result in a charge of more than $300 million in the first quarter of 2009, the release said. To top of page
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Home Depot: It sad, but its one of the drawbacks in having a big box store with high inventory space and overhead costs.
Sprint is about missed opportunities.
Eh... looks like it is "bad news monday" this monday...
Big cuts coming at Caterpillar
The heavy-equipment maker says it will eliminate 20,000 jobs and lowers its 2009 forecast.
http://articles.moneycentral.msn.com...es-012609.aspx
**** gets deeper
They give millions to NASCAR every year.
Slash employee benefits and cut throats for a race car.
I L0L @ the failure
Well i sure do feel badly about Home Depot, Sprint and CAT cutting jobs. I am certainly no economic guru, but I keep wondering, when I see everything one buys nowdays, is made in another country. shirts, pants, shoes, chainsaws, toys, almost everything is made somewhere else. I understand why, and most of those folks that made that stuff are good folks, but when we have high unemployment in the USA....I keep wondering if there is a big problem with the concept.
Another weird thing is that there is just as much money now, as there was in 1994 or so when the economy was booming....but everyone has sat on their money and aren't investing it anymore. That happens when people loose thousands of dollars in the market..they get "gun shy".
Wow, looks like we're ****ed.
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Short term yes.
Long term....it depends on the proposed infrastructure projects. If it passes, there will be demand for heavy equipment and associated building materials.
Don't laugh.Originally Posted by Bia
AIG (US Government) is a major sponsor of Manchester United Football Club. (UK Soccer)
The Harley Davidson plant in Kansas City, Mo is getting ready to fire 150 people.
Yea right, the nitwits aren't going to get anything done. Have you actually heard about the proposals? I haven't heard a single thing about major infrastructure or energy projects. One thing I did hear about was an endowment to some Arts institute bullcrap and a renovation of the National Mall. Yea, we really are ****ed.
With the 401K drop, the Baby Boomers are re-thinking their spending priorities.
Weekend bike rentals and day trips are a better option than owning a bike.
The infrastructure projects need to be directed at projects that provides the most good for the most people. If the Romans and Chinese incorporated art within its infrastructure projects, I see no reason why the United States should not do the same.
Here is a link showing WPA / New Deal art projects.
http://www.wpamurals.com/
I recenty thought HD was in trouble when I went in at around 7pm and bought 4-5 large buky items on a flat cart. One was a 50gal water tank.
there were no checkout lines open and I would have to scan these items myself. The guy in the orange vest had a "scanner gun in his hand" and was 5ft from me so I said, "please scan this". And his reply was "no" you have to learn to type the barcodes in yourself.... we aren't going to have checkout people anymore.
I said walk over here and scan this thing, it will take two seconds. And he refused.
So I left all the items there and said as I left "have fun putting them back".
I drove 1/2 mile to Lowes, bought the same thing....checked out and had no problem.
At that moment....I thought HD was losing it.
Bad service. Consistently. Thier "hi" when they pass you in the aisle and a smile isn't getting them anywhere....
Wasn't surprised see this happen to Caterpillar since a lot massive building projects ether went on hold or canceled because of this economic downturn.
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