Home Depot will trim staff and close 3 test concept stores

Write: Shaina [2011-05-20]

Home Depot plans to lay off 1,000 employees as it cuts three pilot programs, according to a report.

About 900 of the layoffs will come from consolidating some support functions in human resources, finance and other divisions, the Associated Press reported.

The remainder of the cuts will come from the closure of a small-format pilot store, temporary hurricane recovery outlet in Mississippi and clearance outlet in Georgia.

The news comes on the heels of Wal-Mart announcing over the weekend that it would slash 11,000 jobs at its Sam's Club chain.

Verizon also announced on Tuesday that it is eliminating 13,000 jobs, after it swung to a fourth-quarter loss.