May 14, 2020 / 9:59 PM / 22 days ago

Office Depot plans store closures, 13,100 job cuts by 2023

(Reuters) - U.S. office supply retailer Office Depot (ODP.O) said on Thursday it plans to cut about 13,100 jobs and close certain retail stores by the end of 2023, in a bid to curb costs and focus on its IT services business units.

The company expects the restructuring to yield up to $860 million in net savings by 2023 end and incur charges of up to $543 million. (bit.ly/3bsRL8h)

Office Depot said the charges include costs related to potential retail store and distribution facility closures and headcount reductions.

The company said it is still evaluating the number of potential store closures.

Earlier this month, the retailer withdrew its 2020 guidance, citing global business disruption and uncertainty caused by the COVID-19 pandemic.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Shailesh Kuber

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