The Home Depot Closes Seven Big Box Stores In China

The Home Depot today announced it is closing its remaining seven big box stores in China as the Company shifts its focus in that market to specialty stores and online offerings.  The closings will affect approximately 850 associates, who will receive severance packages and job placement assistance.   As a result of the store closings, the Company will record an after-tax charge of approximately $160 million, or approximately $0.10 per diluted share, in the third quarter of 2012, which includes impairment of goodwill and other assets, lease terminations, severance and other charges associated with closing the stores. Excluding the approximately $0.10 per diluted share charge associated with the store closings, the Company confirmed that it still expects its fiscal 2012 diluted earnings-per-share to be up approximately 19 percent to $2.95 for the year, which is in line with prior guidance.   "Closing stores is always a difficult decision," said Frank Blake, chairman & CEO, The Home Depot.  "We are thankful for the dedicated service of our store associates in China, and we wish them all the best during this transition."  While it is closing its big box stores, The Home Depot