The world’s largest home improvement store is closing stores and cutting jobs. Jesse Russell reports.

Home Depot announced plans to close 15 stores on Thursday, letting go of 1300 jobs. This is the third time the world’s largest home improvement chain has cut jobs this year. In April, the company slashed 500 workers at its Atlanta headquarters and could cut up to 1,000. The company will also end plans to launch 50 more stores. Home Depot's nearest competitor is Lowes which hasn’t announced any plans to cut jobs, but did say it will open 20 fewer stores than originally planned this year. Residential construction is way down in the United States, dropping 27 percent during the first quarter of 2008. The state losing the most stores is Wisconsin where three stores will be closed. Wisconsin has seen a number of job cuts in recent months with Milwaukee-based Harley Davidson announcing plans to cut 730 jobs and Madison based Famous Footwear relocating to St. Louis and taking 270 jobs with it.