Home Depot (HD) plans to shut all seven of its big box outlets in China and cut 850 jobs,...

|By:, SA News Editor

Home Depot (HD) plans to shut all seven of its big box outlets in China and cut 850 jobs, leading to a $160M charge in Q3. "China is a do-it-for-me market, not a do-it-yourself market, so we have to adjust," the company says, although the country's slowing economy is also not helping. Home Depot will now focus on online and specialty stores in China. (PR)