BOCA RATON, Fla. — Office Depot plans to cut 13,100 jobs and close down an unspecified number of stores, according to a filing with the Security and Exchange Commission.
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The office supply company, based in Boca Raton, Florida, will carry out its plan by the end of 2023, the Sun-Sentinel reported.
“The restructuring plan includes closing and/or consolidating distribution facilities and retail stores and the reduction of approximately 13,100 employee positions by the end of 2023,” the filing said. “The company is still evaluating the number of potential retail store and distribution facility closures, as well as the timing of any such closures.”
Office Depot will slash 13,100 jobs and close more stores https://t.co/WYPDhzdroL pic.twitter.com/DdRG5hN3fy
— South Florida Sun Sentinel (@SunSentinel) May 16, 2020
Office Depot estimated the restructuring would cost up to $543 million, the Sun-Sentinel reported. The company added that it will save $860 million because of the move, according to the filing.
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Through May 2019, the company operated 1,350 Office Depot and OfficeMax stores nationally and employed about 2,000 at its Florida headquarters, the newspaper reported.
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Earlier this month, Office Depot withdrew its 2020 guidance, citing global business disruption and uncertainty caused by the coronavirus, CNBC reported.
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