Atlanta-based Home Depot has announced plans to shutter 15 underperforming stores in 10 states, part of a plan to cut capital spending by $1 billion dollars over the next three years. The closures will include three retail outlets in Wisconsin: in Beaver Dam, Fond du Lac, and Milwaukee. The home improvement giant says it's been hurt by a slowdown in the housing market. Home Depot also will no longer pursue the opening of approximately 50 U.S. stores that have been in its new store pipeline, in some cases for more than 10 years. The company stated that it does intend to open 55 new stores, including 36 new stores in the U.S, in the current fiscal year.
"Closing a store is always a difficult decision because it affects both our people and our communities," Home Depot chairman and CEO Frank Blake said in a statement . "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."