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Jan 27, 2009

Home Depot to lay off 7,000 jobs

The Home Depot, the world's largest home improvement retailer, on Monday announced its plans to lay off about 7,000 employees, or about 2 percent of its workforce.

The retailer said it will also shutter 34 Expo centers, five YardBirds stores, two Design Center stores and its bath remodeling business known as HD Bath over the next two months.

The Home Depot's business has not performed well financially as the demand for big-ticket design and decor projects has declined amid the downturn in the economy, the announcement said.

The Atlanta-based company also announced that it is initiating a salary freeze for all of its executives.

Source : XinHua
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