Office Depot (NASDAQ:ODP) is seeing its stock soar on Friday following news of layoffs coming to the company.
Here’s everything investors need to know about the Office Depot layoffs.
- The company is planning to layoff a total of 13,100 employees.
- This comes as it prepares to close down several retail locations.
- The reason behind these closures is a realignment of its business.
- Office Depot wants to shift its focus to business-to-business and its IT service.
- The company says that the goal is to complete this plan by the end of 2023.
- That’s also when it expects to complete all of the layoffs in connection to its restructuring.
- It also mentions that the expected restructuring charges from this endeavor will be $543 million.
- However, it’s also expecting these changes to bring about $860 million in net savings by the end of 2023.
According to reports on TheLayoff.com, Office Depot is already starting the layoffs. One anonymous poster claims that more than 100 people from the company’s corporate office were let go on Thursday. Several other posters also chimed in to confirm that the layoffs are underway.
Here’s what one of the posters said on TheLayoff.com Office Depot forum.
“I was one of them, know another 4 that got whacked too. No idea how they chose who got canned, it certainly wasn’t too high of a salary or poor skills. My VP called out of the blue in the morning and told me it was my last day.”
ODP stock was up 9% as of Friday afternoon.