Home Depot said Monday that it will exit its Expo business and streamline its support functions, resulting in 7,000 job cuts. That is about 2% of the company’s workforce.

The company sees a total pre-tax charge due to these actions of approximately $532 million, of which approximately $390 million will be recognized in the fourth quarter and the remaining $142 million will be recognized in 2009 and beyond.

In addition, Home Depot affirmed its 2008 forecast of a decline of 8% in sales and a 24% drop in earnings per share from continuing operations before today’s announcement.

(Fox Business News)