The Recycler
  • Katun Masthead Nov 2024
  • Ambiente 2025 Masthead
  • Biuromax Masthead web banner March 2024
  • G&G Masthead August 2024

13,000+ jobs to go at Office Depot

May 15, 2020

In a recent SEC filing, Office Depot announced a big restructuring plan that will see 13,100 job losses by 2023 and store and distribution facility closures.

On 13 May 2020, Office Depot, Inc. 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 the reduction of approximately 13,100 employee positions and closing and/or consolidating distribution facilities and retail stores by the end of 2023.

Office Depot said it is still evaluating the number of potential retail store and distribution facility closures, as well as the timing of any such closures.

The Company currently estimates it will incur incremental restructuring charges of up to approximately $543 million (€502 million), $194 million (€179 million) of which will result in cash expenditures by the end of 2023.

According to the report, such cash expenditures include $30 million (€28 million) for supply chain capital investments and $21 million (€19 million) for IT capital investments. The remaining $492 million (€455 million) of estimated charges expected in the restructuring plan is comprised of one-time costs associated with potential retail store and distribution facility closures and related headcount reductions.

The Company expects the restructuring to result in up to approximately $860 million (€795 million) in net savings by the end of 2023.

Categories : City News

Tags : Business Office Depot Store closures

  • Biuromax Nov 2024 Web Ad
  • IR Italiana Web ad January 2021
  • GM Technology Nov Web Ad
  • Static Control June 2022 Big & Bold Ad
  • Cartridge Web Nov Web Banner
  • Ink Tank No Web advert
  • G&G web advert October 2024
  • TN Core Nov Web advert
  • Apex Web ad Nov 2024
  • Mito Web banner June 2024
  • denner UK Web Banner Jul 2024
  • Zhono Web ad March 2024
  • CET Web ad December 2023
  • Denner Feb 2024 Web Ad
  • PCL Nov Web advert
  • ITP Web ad January 2021
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • HYB Web banner Jan 2024
  • Mito Web banner June 2024
  • Denner Feb 2024 Web Ad
  • Zhono Web ad March 2024
  • ITP Web ad January 2021
  • PCL Nov Web advert
  • denner UK Web Banner Jul 2024
  • Mito Web banner June 2024
  • denner UK Web Banner Jul 2024
  • PCL Nov Web advert
  • HYB Web banner Jan 2024
  • Denner Feb 2024 Web Ad
  • ITP Web ad January 2021
  • CET Web ad December 2023
  • Zhono Web ad March 2024

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark