Home Depot plans on cutting 10% of its workforce to help cut costs and protect its bottom line, which has suffered as a result of the housing slump and slow economy. Five hundred of the 5,000 employees at the company's Atlanta headquarters have been notified that they will be let go. ''We have been pretty clear that we are operating in a tough business environment,'' said Ron DeFeo, Home Depot's corporate spokesman. ''We see that continuing in 2008.''

In January, Home Depot closed three call centers in Tampa, Chicago, and Dallas, putting 950 employees out of work.

"We started the year with a more pessimistic view of the housing and home improvement markets than many," said chairman and chief executive Frank Blake. "It turns out we were not pessimistic enough."

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