Office Depot Says it Will Close Stores and Lay Off 13,100 Workers
Office Depot has introduced a restructuring plan to realign its operational focus to help its “business-to-business” options and IT providers enterprise models and enhance prices. Implementation of the restructuring plan is anticipated to be considerably accomplished by the tip of 2023.
The restructuring plan consists of closing and/or consolidating distribution amenities and retail shops and the discount of roughly 13,100 worker positions. The knowledge comes from the firm’s SEC filings on Friday.
“Office Depot, Inc. not too long ago introduced a restructuring plan to realign our operational focus to help our ‘business-to-business’ options and IT providers enterprise models and enhance prices,” a spokesperson informed FOX Enterprise. “Implementation of the restructuring plan is anticipated to be considerably accomplished by the tip of 2023 and might doubtlessly embody retail retailer and distribution facility closures and headcount reductions.”
The corporate remains to be evaluating the precise variety of retailer places and distribution amenities it may shut. Office Depot is a well-liked present card vendor and a retailer the place you’ll be able to earn 5X with Ink playing cards. Their finest provides are normally in retailer. The corporate closed a complete of 50 Office Depot and Office Max places in 2019.
Office Depot introduced $1.7 billion in obtainable liquidity and the best internet money place in two years in its earnings report for the primary quarter of 2020.