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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 22, 1997
THE HOME DEPOT, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-8207 95-3261426
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
2455 Paces Ferry Road, Atlanta, Georgia 30339
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770)433-8211
(Former name or former address, if changed since last
report.)
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Item 5. Other Events
On September 19, 1997, the Registrant issued a press release
announcing that it had settled a consolidated class action
lawsuit (Butler et al. v. Home Depot, Inc. and Frank, et al. v.
Home Depot, Inc., Case Nos. 94-4335SI and 95-2182SI,
respectively, pending in U.S. Dist. Ct., N.D. CA) claiming gender
discrimination in the Company's Western Division. The text of
the Release is as follows:
THE HOME DEPOT REACHES AGREEMENTS WITH PLAINTIFFS IN FOUR GENDER
DISCRIMINATION LAWSUITS
Culture of Company Preserved In Agreements
ATLANTA, September 19, 1997 -- The Home Depot today entered into
a settlement agreement with plaintiffs in the class action gender
discrimination lawsuit Butler et. al. v. Home Depot, Inc. and has
achieved agreements in principle to resolve three remaining
gender discrimination suits which have not been certified as
class actions: Griffin et. al. v. Home Depot, Inc.; Tortajada v.
Home Depot, Inc.; and Fleniken v. Home Depot, Inc.
The Home Depot makes no admission of wrongdoing. The plaintiffs
in each of the suits allege that The Home Depot discriminates
against women in employment practices. The Home Depot maintains
that it provides opportunities for all of its associates to
develop successful professional careers, and is proud of its
strong track record of having successful women involved in all
areas of the Company.
The Butler settlement was reached after a court-ordered mediation
demonstrated that achieving common ground was not only of
interest to both sides, but desirable.
Under the terms of the Butler agreement, The Home Depot has
agreed to support or enhance certain company human resources
programs, some of which were already in the process of being
implemented. The Home Depot will voluntarily roll out these
programs nationally, thereby transcending the scope of Butler, a
lawsuit which solely concerned the Company's Western Division.
The Home Depot's decision to implement the terms of Butler on a
national basis was shared with counsel for the plaintiffs in
Griffin, Tortajada and Fleniken, and led to the agreements in
principle to also resolve these lawsuits pending final
negotiation and agreement on several unresolved issues.
The Company anticipates that each of the four agreements will be
formalized in the near future pending approval from the courts
with jurisdiction over the respective lawsuits, and that the
agreements will aid in precluding similar suits in the future.
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The Home Depot's internal Human Resources Committee will oversee
the Company's national implementation of the terms of the
agreements. The Committee is chaired by Board of Directors member
Dr. Johnnetta Cole, former President of Spelman College.
Arthur M. Blank, President and Chief Executive Officer of The
Home Depot said, "These agreements ensure that the unique culture
of The Home Depot -- a culture which has earned us a reputation
as one of America's 'Most
Admired' companies -- will remain intact. Indeed, we would never
have agreed to enter into these agreements had our culture been
jeopardized. We will ensure that associates continue to possess
unsurpassed product knowledge, and maintain their dedication to
customer service and respect for their colleagues and for the
communities in which they work and live."
As a result of the agreements, The Home Depot expects to record
during the fiscal 1997 third quarter a one-time pretax charge of
approximately $104 million ($0.08 per share after tax), which
includes $65 million for plaintiff class members in Butler, $22.5
million to attorneys for the Butler plaintiff class members, and
approximately $17 million for other related internal costs,
including implementing employment programs and the settlement
terms of Griffin, Tortajada and Fleniken. The Company does not
anticipate that any of the ongoing costs of the terms of the
agreements will have a material impact on future financial
results of operations.
Bernie Marcus, Chairman of the Board of The Home Depot said, "The
Home Depot believes that entering into these agreements is in the
best interest of our associates, customers, and stockholders as
it will allow the Company to avoid distractions to our business.
We are committed to putting these lawsuits behind us and focusing
everyone's attention on what we do best -- serving our customers,
providing outstanding returns to our stockholders, and growing
our business. The Home Depot remains committed to the values that
have been the foundation of the Company, providing all our
associates with opportunities to grow professionally as we grow
as a company."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934,
the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE HOME DEPOT, INC.
(Registrant)
By:/s/ Lawrence A. Smith
Vice President-Legal and
Secretary
Date: September 22, 1997
