Office Depot Restructuring Plan, Closed Stores and 13K Employees Laid Off
Office Depot has announced a restructuring plan that includes closing and/or consolidating distribution facilities and retail stores. It also involves a reduction of approximately 13,100 employee positions. The plans are expected to be completed by the end of 2023. 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 number of store locations and distribution facilities it could close. Office Depot is a popular gift card source. We have often covered their gift card deals here on the site. Their best offers are usually in store, so this could affect readers who might lose one of their nearby locations. The company closed a total of 50 Office Depot and Office Max locations in 2019.
The company 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.
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Maybe if these morons would understand how to run a business, they might not be going bankrupt. When they have the gift card sales, they never advertise them in the circular. The whole point of the sale is to get people to come into the store, how do you get people into the store if you don’t advertise the sale? Then they never restrict the number of gift cards you can buy which either leads to one or two people buying them all or what most people do where they hide the gift cards in the store or take them home and bring them with them the next time they go on sale. They can simply restrict them to 2 per rewards card or give the discount in rewards money, which would stop the one or 2 people from buying them all up.
For the last 3 months my 3 go to OD’s (STL) have had their GC pulled with no idea when they will be coming back.