Bad Housing Market Claims Another Victim

Home Expo shutting its doors

By Consumer Bob
|  Wednesday, Jul 29, 2009  |  Updated 6:45 AM PDT
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EXPO to Close San Diego Stores

Home Expo and other retailers are closing their doors and blaming a struggling economy.

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EXPO to Close San Diego Stores

The Home Depot announced it's closing two of its EXPO stores in San Diego Monday. The move is part of a decision by the company to "exit its EXPO business."
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The employees found out Sunday in a conference call.

"To tell you the truth, I didn't see it coming," said Home Expo employee Jordan Dekay.  The Home Depot owned chain said it will shut down all it's Home Expo Design Centers and five Yardbirds, two Design Centers and HD Bath.  That could lead to nearly seven thousand job losses.

"Everyone Feels bad, they're losing their jobs.  Like you see all the other stuff on the news, how a lot of companies are coming down, and it finally hits us," said Dekay.

"There's less remodeling going on," said University of San Diego economist Allen Gin.  "People need less furniture and home accessories."

Gin said this is just another store to fall to the tough economy.  Already Circuit City, Mervyn's and Linens N Things have declared Bankruptcy.  Gin said the growing number of closings and layoffs will carry over into new areas and stores.

"As more and more people lose their jobs, there's less spending in the economy.  And so other areas that are not currently affected may eventually be impacted and we could see even more job loss," said Gin.

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