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

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U.S. office supply retailer Office Depot 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.

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


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