APRIL 7, 2024 — 75 HQ EMPLOYEES AT VARIS
Boca Raton, Florida-based Varis, a business-to-business procurement technology subsidiary of Office Depot, has announced it will lay off approximately 75 employees from its office in Palm Beach County.
The decision appears to be driven by activist investor New York, New York-based Arex Capital Management.
MAY 16, 2020 — BLEAK NEWS AS OFFICE DEPOT PLANS FOR MAJOR RESTRUCTURING WITH PROJECTED LAYOFFS OF 13,100 EMPLOYEES BY 2023
In a statement to the Securities and Exchange Commission, the company “announced a restructuring plan to realign its operational focus to support its ‘business-to-business’ solutions and IT services business units and improve costs. Implementation of the restructuring plan is expected to be substantially completed by the end of 2023. Expected in the restructuring plan is comprised of one-time costs associated with potential retail store and distribution facility closures and related headcount reductions.
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 Company is still evaluating the number of potential retail store and distribution facility closures, as well as the timing of any such closures.”
APRIL 16, 2020 — Original Post…
Boca Raton, Florida-based Office Depot, an office supply retailing company, has announced the permanent closure of its distribution center located in Bristol, Pennsylvania. The layoffs which will commence on June 5, 2020 will impact 175 employees.
A company spokesperson noted, "The closure was due to an overall decline in business."
The company also announced that "following the completion of its previously announced feasibility review, its Board of Directors approved proceeding with the implementation of a holding company reorganization. When implemented, Office Depot will become a wholly owned subsidiary of a new holding company, The ODP Corporation, which will replace Office Depot as the public company." The holding company reorganization is intended to simplify the Company’s legal entity and tax structure, more closely align the Company’s operating assets to their respective operating channels within the legal entity structure, and increase its operational flexibility."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?