Posted on 05/01/2008 12:46:30 PM PDT by kingattax
So far, 2008 hasn't been a banner year for Home Depot.
In January, the Atlanta-based home improvement retailer laid off 500 people from corporate headquarters.
In February, it announced its first ever year over year sales decline.
In April, it announced the net loss of 970 jobs from reorganizing its human resources staff.
And today, it announced it is closing 15 stores, affecting 1,300 employees. Plus, the Home Depot is suspending the development of 50 stores. The 15 targeted stores are mostly in the Northeast and Midwest, from New Jersey to North Dakota. No Atlanta stores are scheduled to close.
"Closing a store is always a difficult decision because it affects both our people and our
communities," Home Depot CEO Frank Blake said in a statement. "But, as with our decision to slow future store growth, this is the right decision and will bring long-term benefits to our associates and to our shareholders. ... By building fewer stores, in the best locations, and making sure our existing stores are profitable, our company will be in a much stronger competitive position."
The home improvement chain has blamed the slowdown in the housing market and the sluggish economy for its retail woes.
Home Depot will record a $586 million pre-tax charge related to the store closings and the 50 shelved stores. That includes $8 million for severance and $11 million for inventory markdowns. Home Depot hasn't revised its earnings forecast for fiscal 2008 to reflect the $587 million charge. Earnings per share from continuing operations are still expected to decline 19-to-24 percent. Analysts have forecast earnings per share of $1.65 to $1.86 , down from $2.27 a year ago.
Home Depot said it will cut capital spending by $1 billion over the next three years and focus on existing stores, as well as possible share repurchases. Home Depot still expects to build 55 stores in 2008, 36 in the United States. The chain currently has 1,970 U.S. stores.
Ron DeFeo, a Home Depot spokesman, said the 15 stores slated to close will remain open for seven weeks and have liquidation sales. The stores' management teams will be offered new jobs and the remaining employees can apply for jobs at other Home Depot stores. Employees that aren't placed will receive severance pay.
Home Depot stock was up in inter-day trading Thursday to $30.18, up $1.38 over Wednesday's close.
Yes, but the detergent is readily available next to the rest of the detergents, and the front loaders use VERY little detergent.
Wisconsin is losing three Home Depots. No loss to me; I never shop there and prefer locally-owned Farm & Fleet, a HUGE farm supply store. If you can’t find it at F&F, you don’t need it.
Fleet Farm (A Love Song)
by J.Krueger-sung by OTTO
(The Happy Schnaaps Combo)
Now men we don’t like shopping much at least not in dem malls
‘Cause all you ladies wanna do is wander down dem halls
We just don’t understand, we’d rather wait out in de car
Or even better yet just drop us off we’ll find a bar
You want us to take interest girls but we don’t give a darn
‘Cause we do all our shopping out at Fleet Farm
Fleet Farm...Fleet Farm
When I’m feeling down it’s like a shot right in the arm
You women got your fancy malls but men we know real charm
We’re headed for the aisles at Fleet Farm
HEY !!
HEY !!
HEY !!
Ain’t nothin’ you can buy inside a mall that’s worth a darn
That’s why I’m headed for the aisles at Fleet Farm
Fleet Farm...Fleet Farm
When I’m feeling down it’s like a shot right in the arm
You women got your fancy malls but men we know real charm
We’re headed for the aisles at Fleet Farm
Not many women, not many children
Mostly men, real men
The smell of tires, and shiney screws
Extension cords, in orange and blue
Fishing tackle, aluminum bats
Guns and knives, cool hunting caps
Lotsa plumbing, lotsa lumber
A million tools, it’s all a wonder
Aisle forty-two, automotives...WE LOVE IT !!
Aisle forty-tree, farm...WE LOVE IT !!
Aisle turdy-one, light bulbs...WE LOVE IT !!
Aisle forty-seven, work boots...WE LOVE IT !!
Aisle seventeen, bows and arrows...WE LOVE IT !!
Aisle twenty-four, nails...WE LOVE IT !!
Aisle turdy-nine, cement...WE LOVE IT !!
Aisle fifteen, rat poison...WE LOVE IT !!
HEY !!
http://my.execpc.com/~sjkrautk/album2lyrics.html
Yes, though regular detergent has worked in mine in a pinch. Look for containers marked "HE" (for high efficiency). I've found that I use less detergent, though the new stuff is priced a little higher than regular detergent.
“
I read somewhere that the front loaders use a special kind of soap...can’t just use any old detergent. Is this true?
Yes, but the detergent is readily available next to the rest of the detergents, and the front loaders use VERY little detergent.”
Oh, ok cool...thanks for the update!
Blame it on every thing else except poor merchandising. Lowes is definitely a better merchant.
Economy is doing great. Nothing to see here, move along, move along.
They use the HE (high efficiency) detergents.
I use 1/8 cup for a whole load in cold water. Works fine.
I'm not extremely fond of Lowe's either - they seem to lean towards items with visual appeal compared to HD. Neither is a great provider of straight 2X4's, though I've had better luck at the local HD when buying wood.
I wish that they'd stick to building supplies & hardware and leave the fluff to Sears, Penneys, and WalMart.
Mine only takes powdered detergent but it takes so little of it a box lasts a whole year. The clothes are much cleaner too. It’s one of those appliances that can be expensive but worth every penny.
Anyone familiar with the free-standing Sears Home and Garden stores?
Personally I go to ACE hardware. Most items are made in the US and they don’t have the bi-lingual garbage signs in the aisles.
I'm using liquid, but you're right that they use much, much less than the old type of washer. And it'll hold a good deal more cloths in a load.
I got my Maytag at the Sears "scratch and dent" store for quite a bit less than it would have costed had I bought it at regular retail. So far, so good but I haven't had it long enough to really judge the performance.
In my experience, Home Depot workers are more knowledgeable (when you can find 'em). Lowes tries to be helpful, but they are ignorant.
Self-service checkout at a hardware store is a really dumb idea. Place your sheet of plywood in the bag.
ACE Hardware is an alternative, but I get tired of this little dance:
Me: Do you have a 3/4-inch galvanized elbow?
ACE: What are you trying to do?
Me: I'm trying to buy a 3/4-inch galvanized elbow!
Good grief! In what twisted model of quantum physics does my intended purpose affect the likelihood of an item being in stock?
You'd think I was trying to buy Schrödinger a new cat.
I stopped shopping at Home Depot (even though it’s closer to me then Lowes) when they put in places for day labor workers to congregate.
I’m guessing the TV commercials in which the woman is always the smart, competent, intelligent one while the guy is always a fool, knave or scoundrel aren’t helping, either.
I like shopping at Menards. Their wood is crap, but everything else is fine, the store’s laid out great and there’s always registers open.
Same here! Those self service registers drive me crazy! I now prefer to shop at Lowes. The quality of the merchandise is much better.
My husband and I went into a Home Depot the other day, and we had a quick question about a piece of merchandise. First, we had to locate a sales person, and when we did he tells us he hoped our question wouldn’t take too long because he was headed to the men’s room.
I used to work for a local department store, and if I had ever said that to a customer, I would have been reprimanded on the spot, and perhaps fired.
Plus Lowe’s will even teach your illegal workers to speak English: http://forpros.lowes.com/resourcecenter/SedDeSaber.cfm
What a country!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.