The Home Depot CEO, Ted Decker, declared on Wednesday that it will lay off approximately 800 corporate workers and force a majority of the remaining corporate workers back to the office five days a week as early as April 6.
The retailer has promised to streamline operations and focus more in the wake of a wider trend of corporate layoffs. A company spokeswoman informed CNBC that the job cuts include roughly 150 employees based at Home Depot’s Atlanta headquarters, with the remaining roles eliminated from remote positions, primarily in technology.
Decker said the changes are “essential to simplify our business and focus our energy on the priorities ahead.”
Decker stated in a statement to employees, “To extend our industry-leading position, we must position the company to move faster and to stay even more closely connected to our customers and frontline associates.”
He further noted that the requirement to come-back-to-office is aimed at enhancing execution and company culture. Decker added, “In-person engagement enables more meaningful support for store and field associates, drives results, and reinforces our people-centric culture and inverted pyramid.”
The Home Depot’s announcement comes as several employers throughout corporate America proceeded to eliminate jobs, specifically in technology and corporate functions.
Amazon laid off 16,000 employees on Wednesday, and other large corporations have also made similar announcements in the face of economic uncertainty and the need to become more efficient. Home Depot is still among the strongest retailers in the United States despite the cuts.
The home improvement giant is among the biggest market capitalizations in the industry, with its shares trading significantly higher than they were pre-pandemic, despite the higher interest rates and the slower housing market slowing down home renovation projects.
