Office Depot Says it Will Close Stores and Lay Off 13,100 Workers
Office Depot has announced a restructuring plan to realign its operational focus to support its “business-to-business” solutions and IT services business units and improve costs. Implementation of the restructuring plan is expected to be substantially completed by the end of 2023.
The restructuring plan includes closing and/or consolidating distribution facilities and retail stores and the reduction of approximately 13,100 employee positions. The information comes from the company’s SEC filings on Friday.
“Office Depot, Inc. recently announced a restructuring plan to realign our operational focus to support our ‘business-to-business’ solutions and IT services business units and improve costs,” a spokesperson told FOX Business. “Implementation of the restructuring plan is expected to be substantially completed by the end of 2023 and may potentially include retail store and distribution facility closures and headcount reductions.”
The company is still evaluating the exact number of store locations and distribution facilities it could close. Office Depot is a popular gift card seller and a store where you can earn 5X with Ink cards. Their best offers are usually in store. The company closed a total of 50 Office Depot and Office Max locations in 2019.
Office Depot announced $1.7 billion in available liquidity and the highest net cash position in two years in its earnings report for the first quarter of 2020.