Home Depot announced Monday that it will close all stores bearing its Expo Design Center store concept, which among other home products offered appliances. The news came at the same time that Home Depot announced the laying off of 7,000 employees.
The company made the decision, it said, because "the EXPO business has not performed well financially and is not expected to anytime soon," and performed below expectations even during the housing boom that preceded the current downturn.
"Exiting our EXPO business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers," the company's chairman/CEO, Frank Blake, said as part of the announcement. "At the same time, it is a necessary decision that will strengthen our core Home Depot business."