ODP layoffs, on the record
Every job cut, severance charge and restructuring ODP reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from approximately 25,000 to approximately 19,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 25,000 | January 28, 2023 |
| 10-K for 2023 | approximately 20,000 | January 27, 2024 |
| 10-K for 2024 | approximately 19,000 | January 25, 2025 |
Job cuts, severance and restructuring
Our summaryImplemented the Maximize B2B Restructuring Plan to re-align operations, which includes closing retail stores through the end of 2023.
Word for word“In 2020, we implemented the Maximize B2B Restructuring Plan, a restructuring plan to re-align our operational focus to support our “business-to-business” solutions and improve costs .” 10-K for 2022
Our summaryClosed retail stores as part of the Maximize B2B Restructuring Plan.
Word for word“Since the implementation of the Maximize B2B Restructuring Plan, we have closed a total of 237 retail stores as a result of this plan .” 10-K for 2022
Our summaryRecorded merger, restructuring and other operating expenses, mainly tied to the separation plan and re-alignment of operations.
Word for word“We recorded $39 million of Merger, restructuring and other operating expenses, net in 2022 compared to $51 million in 2021.” 10-K for 2022
Our summaryRecorded costs of restructuring activities within merger, restructuring and other operating expenses.
Word for word“Also included in merger, restructuring and other operating expenses were $14 million of costs associated with restructuring activities in 2021.” 10-K for 2022
Our summaryRecognized income from restructuring activities that partly offset merger, restructuring and other operating expenses.
Word for word“Merger, restructuring and other operating expenses in 2022 relate to costs associated with the previously planned separation of our consumer business and the re-alignment of our operations, which are mainly third-party professional fees and were partially offset by $8 million income related to restructuring activities, and $7 million income related to earn-out adjustment for BuyerQuest.” 10-K for 2022
Our summaryThe company implemented the Maximize B2B Restructuring Plan to re-align operations and improve costs, and the board extended it through the end of 2024.
Word for word“In 2020, we implemented the Maximize B2B Restructuring Plan, a restructuring plan to re-align our operational focus to support our "business-to-business" solutions and IT services business units and improve costs.” 10-K for 2023
Our summaryUnder the Maximize B2B plan, the company has closed a total of 297 retail stores.
Word for word“Since the implementation of the Maximize B2B Restructuring Plan, we have closed a total of 297 retail stores as a result of this plan.” 10-K for 2023
Our summaryThe company recorded merger, restructuring and other operating expenses, mainly for restructuring activities and transaction and integration costs.
Word for word“We recorded $4 million of Merger, restructuring and other operating expenses, net in 2023 compared to $39 million in 2022.” 10-K for 2023
Our summaryThe company announced plans for organizational restructuring changes, including cost improvement actions across the enterprise and the Varis Division.
Word for word“In order to operate more efficiently and control costs, we recently announced our plans to make organizational restructuring changes to enhance operating results and increase shareholder returns.” 10-K for 2023
Our summaryHeadcount fell mainly because of planned store closures and other cost reduction measures.
Word for word“The year-on-year change is mainly attributable to planned store closures and other cost reduction measures.” 10-K for 2023
Our summaryThe company approved a restructuring plan called Project Core to redesign its low-cost business model and cut costs, with total costs estimated at up to $57 million, mostly severance.
Word for word“In March 2024, our Board of Directors approved a restructuring plan to redesign our company-wide low-cost business model approach and create further efficiencies in our business to lower costs (“Project Core”).” 10-K for 2024
Our summaryThe company extended its Maximize B2B Restructuring Plan through the end of 2024 and has closed 340 retail stores under it.
Word for word“Since the implementation of the Maximize B2B Restructuring Plan, we have closed a total of 340 retail stores as a result of this plan.” 10-K for 2024
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $22 million | $75 million | $167 million |
| 2017-12-30 | $28 million | $65 million | $99 million |
| 2018-12-29 | — | $20 million | $34 million |
| 2019-12-28 | $26 million | $90 million | $73 million |
| 2020-12-26 | $41 million | $82 million | $54 million |
| 2021-12-25 | −$2 million | $44 million | $58 million |
| 2022-12-31 | −$13 million | $44 million | $60 million |
| 2023-12-30 | $1 million | $5 million | $11 million |
| 2024-12-28 | $23 million | $42 million | $39 million |
ODP filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from ODP’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.