Home Depot has finally rid itself of the commercial business supply division that was often blamed for the chain’s miserable customer service and lagging stock price. The commercial supply division was accused of stealing resources from the stores, and was the pet project of disgraced former CEO “Big Bob” Nardelli. Home Depot had to chop $2 billion off the asking price, but they got the deal done.
“Despite the softness in the financing and residential construction markets, the terms of the HD Supply sale deliver shareholder value today and in the future as we will share in HD Supply’s upside potential. We are now focused on our retail business,” said Frank Blake, chairman & CEO of The Home Depot in a statement.