In the latest Home Depot news, the number one home improvement store chain has just announced it will eliminate 7,000 jobs and close its high-end EXPO business.

The move will is effective immediately and will cut 2% of its total workforce.

In a statement the CEO of the company said, “Exiting our EXPO business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers. At the same time, it is a necessary decision that will strengthen our core Home Depot business.”

“Even during the recent housing boom, it was not a strong business. It has weakened significantly as the demand for big ticket design and decor projects has declined in the current economic environment. Continuing this business would divert focus and resources from the company’s core [Home Depot] stores,” the statement said.

In the announced cuts, Home Depot says that it will also include a 10% cutback in company white-collar office jobs. In addition, they are freezing pay effective immediately.

2008 sales are expected to show a loss of over 8% compared to a year ago. The outlook for 2009 is even more bleak as the recession deepens. The company says it will open just 12 stores in all of this year.