Home Depot Closing Stores in Rust Belt

Atlanta, GA, May 2, 2008--Home Depot said it is closing 15 underperforming stores and will postpone the opening of 50 new stores nationwide.

Most of the planned closings are in Rust Belt states such as Wisconsin, Indiana, New Jersey and Ohio, which account for nine of the stores closing.

The challenging economy and rough housing market have hit consumer confidence and retailers.

Home Depot Inc. said the closures will affect 1,300 workers, but it is looking for other positions for them within the national chain.

Home Depot said it was moving forward with the 36 new stores already under development.