In another sign of continuing fallout from the housing downturn, Home Depot is out this morning with some news. The home improvement retailer said it is:
* Shutting 15 U.S. locations, a move that affects 1,300 workers (some of whom will be offered work at other locations). The move will result in a $186 million charge. The locations are scattered in various states, including Wisconsin, New Jersey, and Indiana.
* Scrapping plans to open roughly 50 stores that had been in its expansion pipeline. It will take a $400 million charge related to store development costs and other obligations.
* Total capital spending on new stores will drop by $1 billion over the next three years. Total capex for the current fiscal year will approximate $2.3 billion, compared with $3.6 billion in the previous year.
