Home Depot Closes Stores, Slows Growth Plans

  • May 2, 2008
Still pressured by the ongoing softness in real-estate sales, Home Depot says that in order to improve cash flow and provide stronger returns, it will scale back its expansion plans, putting the kibosh on 50 planned stores--some that have been in the pipeline for as long as 10 years.

It also said it would close 15 underperforming U.S. stores.

For the current fiscal year, the company says it still plans to open 55 new stores, including 36 in the U.S.

--Sarah Mahoney

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