In business, timing can be everything. A former Home Depot division is finding that out the hard way.
AJC reporter Rachel Tobin Ramos writes that HD Supply will lay off 350 employees and consolidate 25 branches in its continuing effort to stem losses related to the decimated residential and commercial construction industry, according to a filing with the Securities and Exchange Commission.
Since the fourth quarter of 2008, the Atlanta-based company and former Home Depot division has laid off 4,500 employees nationwide and closed or consolidated 210 branches.
HD Supply was the brainchild of former Home Depot CEO Bob Nardelli, who built what was then a $12 billion division by buying up lumber and other supply companies over several years, Ramos writes.
Current Home Depot CEO Frank Blake sold the division in 2007 for $8.5 billion, saying that the division had distracted Home Depot from its flagship home improvement stores, Ramos writes.
HD Supply was bought by three private investment firms: Bain Capital Partners, the Carlyle Group and Clayton, Dubilier & Rice.
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