Home Depot is to close 15 of its underperforming US stores within the next two months, affecting 1,300 employees.
Store performance was cited as the reason for the closures. Home Depot emphasised its commitment to open 55 stores next year, but has put the brakes on expansion beyond this.
The retailer said it will cut capital expenditure by US$1 billion (£506.8 million) over the next three years and focus on existing stores.
Home Depot chief executive Frank Blake said: “By building fewer stores and making sure our existing stores are profitable, our company will be in a much stronger position.”
Home Depot has 2,258 stores in the US, Mexico, Canada and China.
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