Monday, January 26, 2009

Home Depot to eliminate 7,000 jobs, close some Bay Area stores

The Contra Costa Times reports Home Depot to close Yardbirds, Expo and Design Center stores, cut 7,000 jobs

Home Depot will close its Yardbirds, Expo and Design Center stores, cutting 7,000 jobs nationally, employees were told Sunday night.

The closures will involve five former Yardbirds stores that were turned into Yardbirds-Home Depot "experiments" after the national chain bought the Bay Area stores from Novato resident John Headley in 2005, a company source confirmed early today. Two other Yardbirds stores that were turned into Home Depots, including one in Martinez, will not close, said the source, who asked not to be named because the person was not yet authorized to speak publicly.

No Home Depot stores will be closed, the person said.

Through his wife, Headley declined to comment on the closures Sunday night, saying the couple no longer felt any connection to the Yardbirds brand. The closing Yardbirds stores are in Concord, Alamo, San Pablo, San Rafael and Petaluma.

Also closing will be 34 Expo stores, including the two East Bay locations of Home Depot's showcase stores, and two Design Centers, one in Concord. The Expo sites are in Emeryville and Dublin.

Employees will receive at least 60 days of severance pay, health insurance and job-placement help, the company said. Stores will begin liquidation sales Tuesday and will remain open until merchandise is gone. The last store is expected to close by April.

Other large layoffs were announced today…

Caterpillar to cut 20,000 jobs

Sprint Nextel to cut 8,000 jobs

Phillips to cut 7,000 jobs

Pfizer to cut 13,000 (10% of workforce)