Next Friday, Office Depot Inc. formally relocates its base of operations from Delray Beach to a new $100-million headquarters building in Boca Raton. Unfortunately, the ribbon-cutting ceremony comes about a month after the company announced the closing of 112 underperforming stores and six distribution facilities throughout North America.
The closings, which are undoubtedly necessitated in these tough times, represent 9% of its retail sites and will put 2,200 employees among the still-growing ranks of the unemployed. On the other hand, the company says it expects to add $90 million to this year’s pre-tax earnings—almost enough to pay for those new corporate offices.
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