The company added that it will save $860 million because of the move, according to the filing. Office Depot closes stores lays off workers Office Depot plans to cut 13,100 jobs by the end of 2023.. May 16, 2020 at 10:15 am EDT By Bob D’Angelo, Cox Media Group National Content Desk. In an effort to shift the business' focus to B2B and IT services, Office Depot plans to close some store locations nationwide and cut about 13,100 retail employees by 2023. The pace of the program's restructuring… In reporting its 2020 second quarter financial results on Aug. 5, Office Depot said the holding company reorganization and initiated a “Maximize B2B” restructuring plan. Office Depot Probability Of Bankruptcy is currently at 43.98%. NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020 For funds and ETFs it is derived from a multi-factor model developed by Macroaxis. The score is used to predict the probability of a firm or a fund experiencing financial distress within the next 24 months. The Private Securities Litigation Reform Act of 1995, as amended, (the "Act") provides protection from liability in private lawsuits for "forward-looking" statements made by public companies under certain circumstances, provided that the public company discloses with specificity the risk factors that may impact its future results. Office Depot estimated the restructuring would cost up to $543 million, the Sun-Sentinel reported. 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. Office Depot is joining the growing list of retailers laying off large swaths of its workforce as COVID-19 keeps its stores shuttered and distribution centers idle. For stocks, Probability Of Bankruptcy is the normalized value of Z-Score. Office Depot borrowed an overall $400 million with the new credit facility at the time of the closing of the deal. Office Depot Inc Q2 2020 Earnings Call Aug 5, 2020, 9:00 a.m. ET. The company estimates that its restructuring plan will be "substantially completed" by 2023. Implementation of the restructuring plan is … Total reported sales of $2.5 Billion, down 9% versus last year and up 18% sequentially compared to the second quarter of 2020. Office Depot expects to save $860 million by the end … The bright spot, though, is its managed services unit, CompuCom, which is doing relatively well and could prove to be a lifeboat in choppy post-pandemic waters. Third Quarter 2020 Summary (1).

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