AM I NEXT? NO LOVE AT CASPER SLEEP

New York, New York-based Casper Sleep, a manufacturer and e-commerce retailer specializing in sleep products,nas announced a major reduction in force of approximately 78 employees.

According to a corporate statement...

"In addition to the retail employee furlough announced on March 30, due to the impacts of COVID-19, the Company is taking additional cost reduction actions, including a workforce restructuring that will reduce the size of its team globally and a wind-down of its European operations to concentrate on the strength of the North American business. The Company’s European operations are expected to wind down largely by the end of 2020.

In total, these actions will impact approximately 78 employees, comprising about 21% of its corporate workforce globally, and result in more than $10 million in annualized savings, and are part of the Company’s overall focus on achieving profitability.

We are making a series of difficult decisions to preserve the long-term resiliency and flexibility of the Company. These actions enable us to focus on the strength of our North American business during this uncertain time and remain committed to our customers who continue to rely on us for a better night’s sleep—today and well into the future."

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?

AM I NEXT? NO LOVE AT OFFICE DEPOT (04/07/2024)

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?

AM I NEXT? NO LOVE AT MODELL'S SPORTING GOODS

New York, New York-based Modell's Sporting Goods, a sporting goods retailer with locations in the Northeastern United States. with 153 locations, has abandoned all efforts to attempt to save the company and the jobs of hundreds of employees. The company has hired Tiger Capital Group to liquidate the sporting goods and apparel inventory throughout its stores in favor of its creditors.

According to a company spokesperson, "Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations," Modell said in a statement on Wednesday. "While we achieved some success, in partnership with our landlords and vendors, it was not enough to avoid a bankruptcy filing amid an extremely challenging environment for retailers.”\

Modell’s CEO Mitchell Modell, noted, “This is certainly not the outcome I wanted, and it is one of the most difficult days of my life. But I believe liquidation provides the greatest recovery for our creditors. The company's lenders will provide the company with near-term financing, including the payments of employee wages and benefits, provisioning of customer orders and shipments, and other obligations. I want to thank each and every one of our associates for their support over the years and our customers for their historic support of Modell’s.

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?