Home Depot closing last 7 China big box outlets

BEIJING (AP) ? Home Depot Inc., the U.S.-based home improvement retailer, says it will close its remaining seven big box outlets in China and focus on Internet-based sales and specialty stores.

The company said Friday the closures will result in a loss of 850 jobs.

Home Depot said it will retain two specialty stores in Tianjin, a city east of Beijing, and is developing relations with Chinese e-commerce websites.

The company said it will keep 170 staff in its specialty stores, a sourcing office and a team to work on new retail formats.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-09-14-China-Home%20Depot/id-153177ee5e544ec5a5d5ec49aedeeefe

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