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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Home Depot To Close Expo Chain, Slash 7,000 Jobs

The Contraction Continues, Episode 734: Home Depot home renovation chain said this morning it will close its smaller, upscale Expo chain and cut 7,000 jobs as the recession roils the economy, forcing homeowners to put off renovations.

Expo, which competes against Sears's Great Indoors stores, is a chain of showroom stores that, unlike Home Depot, does not stock insulation, drywall and tools.

Instead, Expo stores carry extensive lines of marble and granite, high-end appliances, furniture, rugs and bathroom fixtures, angling for customers renovating their homes and not averse to the idea of spending $500 on a sink.

Home Depot it will close the 34 Expo and affiliated stores over the next two months and said its chain of stores will be unaffected. Home Depot executives also will freeze the pay of its executives.

In the Washington area, there are Expo stores in Bethesda, Fairfax and Columbia.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 26, 2009; 9:37 AM ET
Categories:  The Ticker  | Tags: Expo, Home Depot, contraction, recession  
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