HOME DEPOT, Mich.
— Home Depot is selling its retail business and cutting 6,000 jobs.
The company’s stock price is down 3.6% in premarket trading.
Home Depot announced Friday that it will close its U.S. stores and sell some of its warehouses and distribution centers.
The retailer said it will save $1 billion by eliminating the jobs and other operations it would have eliminated.
It said it would sell off more than $1 million worth of its assets.
Home Depot said it plans to save $300 million in annual expenses by closing stores and warehouses and cutting some of the jobs that would have been eliminated.
The company said it expected to save about $1,000 per store.
Home Depots first store opened in 1962.
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