Home Depot Layoff News: 7000 job cuts
Filed under: News | By: Daniel
Posted on: January 26, 2009 | 3 Comments
Today we have some updated news about Home Depot (NYSE:HD) layoffs and the closing of their Expo home design centers. Home Depot said that this area of business represents about 2 percent of their workforce (7000 jobs).
Home Depot Inc. also reported today that they would cut down on corporate support staff and freeze officer salaries to save money during the current economy.
The home improvement retailer said that the coming fiscal year will see a $1 billion cut in capital spending and 12 new stores open. Cutting in one area and developing in another is change needed to combat the current conditions.
Home Depot Inc. expects earnings per share to fall 24 percent and sales to decline 8 percent for its fiscal year ahead.
Source: Read
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These companies should be fined for laying off workers. This has to stop. Giant corporations should be taking a hit for their society right now if they don’t want the merits of capitalism to be questioned by people like me. What kind of system is this? How does this system benefit the People? Seems to me they extract our labor for a pittance in good times and throw us away to starve during bad times. Is American-style capitalism of, by and for the People?
Miss Hilary. You are clueless in your understanding of capitalism. You are advocating socialism. At the very least you are a fair weather capitalist. Anyone that works for HOME DEPOT needs their head examined or is desperate. A qualified and performance oriented worker can work for the highest bidder in a capitalist society. The non productive end up in jobs like these, which are just a small notch above a goverment job. Your compassion is misplaced along with your understanding of capitalism.
It is pretty obvious that someone did not study in school about Capitalism. Supply and demand not only goes for products, services, but goes for the employees that manufacture, package, ship, invoice, collect etc…It also goes for the customer service employees for the manufacturer, and the employees that sell or service the product to the end consumer. When there are no sales there is no need for the expenses that go with the sale. If we lived in a communistic state the state would tell you where to work, when, how long, at what wages and everyone would be in the same class. If there was no work then the state would pay you until the state went broke, just like the Soviet Union and all other communist states do. So if you do not like it in this wonderful place were you can work where ever you want, live where ever you want, pick what ever trade you want, switch jobs when ever you want, pray for whom ever you want or not pray at all. And I could go on and on, you should just pack your bags and go where everything is a hand out and you can let the government take care of you until it goes broke.