Customers are packing the parking lot at the Home Depot in Opelousas, as they hope for big going out of business deals.
From Home Depot's Investor Relations Website: "The Company also announced that, following a thorough evaluation of its store portfolio, the Company will close 15 underperforming U.S. stores that do not meet the Company's targeted returns. (See attached for specific store locations.) The closing stores represent less than 1% of the Company's existing store portfolio.
"These closings will impact approximately 1,300 associates. The store managers and assistant store managers at these locations will be offered other store management positions within the organization. The Company will work to place the rest of the associates in other comparable store positions where available.
"Closing a store is always a difficult decision because it affects both our people and our communities," said Frank Blake, chairman and CEO. "But, as with our decision to slow future store growth, this is the right decision and will bring long-term benefits to our associates and to our shareholders. We put our real estate projects through a tight capital efficiency model. This model prioritizes locations that make the most efficient use of capital, reduce cannibalization and drive higher returns. By building fewer stores, in the best locations, and making sure our existing stores are profitable, our company will be in a much stronger competitive position."
Next door at the Pool Shoppe in Opelousas, manager Jim Adams says he worries about seeing this building empty. "I think it raises questions - is there something wrong in the community?"
Adams admits national retailers take a look at how other stores are doing before they choose to build. But he says business at his store and the other stores in this shopping center his son owns - are doing very well. "I don't think its bad on us - they just couldn't serve the market," says Adams.
"You have to find your niche," says Derek Faust. He also sees a bright business future here. He owns the Sears on Creswell Lane - where sales are up. He may even be hiring a few laid off Home Depot employees. "You hate it because you dont want to see anyone lose their jobs," says Faust. Despite these signs - these business owners expect the economy here to thrive, despite a very visible set back.
The stores that will close:
&nb sp; -- #2015 East Fort Wayne, Indiana
&nb sp; -- #2032 Marion, Indiana
&nb sp; -- #2310 Frankfort, Kentucky
&nb sp; -- #379 Opelousas, Louisiana
&nb sp; -- #2819 Cottage Grove, Minnesota
&nb sp; -- #6901 East Brunswick, New Jersey
&nb sp; -- #6904 Saddle Brook, New Jersey
&nb sp; -- #6171 Rome, New York
&nb sp; -- #3702 Bismarck, North Dakota
&nb sp; -- #3874 Findlay, Ohio
&nb sp; -- #3865 Lima, Ohio
&nb sp; -- #4552 Brattleboro, Vermont
&nb sp; -- #4932 Beaver Dam, Wisconsin
&nb sp; -- #4933 Fond du Lac, Wisconsin
&nb sp; -- #4913 NW Milwaukee, Wisconsin
From katc.com and http://ir.homedepot.com/releasedetail.cfm?releaseid=307713
Opelousas Home Depot Closing, Locals Say Business is Good Anyway