Office Depot falls on gloomy forecast

OD tries to blame the economy for its stock drop. WRONG !!! It is the payroll cuts that have taken employees out of the stores. I work there and I have been with OD over ten years...trust me. This company is not going in the right direction.....economy my foot!!!!

thats why im a ex-employee

I hear that there are going to be around 100 layoffs for OD. I just started 2 months ago after getting the axe from the worlds largest finance company and am a little concerned with the way I am seeing the OD stock heading (down). Has anyone heard of actual store closures? I see that the stores are being asked to cut weekly total ours about 20%. Is this common?

I'm not sure about layoffs..probably the corporate jobs. As far as payroll, the payroll has been cut a lot since last year. I guess OD wants to see how far they can push the envelope. But this means less employees and less sales. Watch the stock go nowhere ! Yes payroll cuts are common...but store closures are not.( Dont hesitate to ask me questions.)

OD worker wrote:

I'm not sure about layoffs..probably the corporate jobs. As far as payroll, the payroll has been cut a lot since last year. I guess OD wants to see how far they can push the envelope. But this means less employees and less sales. Watch the stock go nowhere ! Yes payroll cuts are common...but store closures are not.( Dont hesitate to ask me questions.)

I hear that Depot is buying Corporate Express and will announce it next Tuesday. Anyone know anything?

EX ODP EMPLOYEE wrote:

<quoted text>
I hear that Depot is buying Corporate Express and will announce it next Tuesday. Anyone know anything?

Sorry, I havent heard anything. I'm too busy trying to run a store with three people and take care of twenty customers. OOOhhh....I still need to complete my daily checklist of 100 expectations before I leave today.......

CEO Steve Odland is the person behind Office Depot's downfall. It is that simple!

OD ASM wrote:

CEO Steve Odland is the person behind Office Depot's downfall. It is that simple!

Yes, investors STAY AWAY from office depot. The stock has dropped over half its value in one year......thanks Steve Odland ! Meanwhile, he cuts more and more out of the company....unreal.

This is retail, Its about money, Even though our stock is low, does not mean depot is doing so bad. More stores are opening every day, Depot Has upgraded All there color copiers to " Deliver winning Solutions that inspire work life" All these cost to take a toll on the overall stock price. If you have watched it lately the price has been going up!

OD worker wrote:

This is retail, Its about money, Even though our stock is low, does not mean depot is doing so bad. More stores are opening every day, Depot Has upgraded All there color copiers to " Deliver winning Solutions that inspire work life" All these cost to take a toll on the overall stock price. If you have watched it lately the price has been going up!

What the hell are you smoking? Our stock price is less than half of what it was a year ago. Upgrading the color copiers....LOL yea like thats going to save the company!!! How long have you worked at OD......a week?????

Ya, New stores, New color copiers, Wide format color copiers, xerox wide format. Stuff stores have never carried before.

Stocks have been raising if you look at it, Staples is down. and to the comment you made you stated no facts on why the stock is down besides, " O CUSTOMER ARENT GETTING HELP" Half of customer who come to depot dont want you help.

We have enough assocaite to assist the customer follow that we have.

ps- what is your market basket, and how many plans do you sell?

wow u are a newbie. this forum is about the company as a whole not one stores MB or PPP's. Hopefuly ur a new store that has not just opened up right next to other OD stores like so many have in many places only to take away sales from the older OD stores.

The problem with Office Depot is their reactive approach instead a proactive stance. They're always behind the eight ball and they try to do what Staples is doing. As far as their management structure is concerned, if they continue with this good ole boy hiring process instead of hiring people based on their expertise, Depot will go down like the Titanic. They're too management/top heavy.

Office Depot wrote:

The problem with Office Depot is their reactive approach instead a proactive stance. They're always behind the eight ball and they try to do what Staples is doing. As far as their management structure is concerned, if they continue with this good ole boy hiring process instead of hiring people based on their expertise, Depot will go down like the Titanic. They're too management/top heavy.

Well, I think Odland wanted to reduce expenses by cutting costs and he succeeded. But he has destroyed the culture of the organization and that was a huge mistake. OD was founded on great people working in the stores and a culture that valued its people. It is not like that today thanks to Odland and Hill. Throughout the country, employees at OD are very unhappy. It has never been this bad in the ten years I have been with OD. That is way our stock is down.....no one cares anymore about OD.

I got out about two years ago. I saw the company turning downwards, cutting payroll like crazy. Treating it's people poorly, the like.

The economy is no excuse. Talk to any manager in the world and tell them you didn't make saoes because of the weather. What's the reply? "Everyone has weather." Everyone has to deal with a down turning economy. Office Max seems to be doing just fine.

OD has struggled to do anything, always. Since the failed merger attempt with Staples. David Fuente and Bruce Nelson drove the company into the ground, and Steve OddBall isn't doing any better.

Well, at least under Bruce Nelson they tried to make it a great place to work and shop. Under Odland....not even close. If fact, look how many employees lost thier jobs because of him....and for what? NOTHING! The stock has tanked and the company is a mess. Nice job Odland....real nice!

Well.....Office Depot is delaying announcing its third quarter earnings pending the outcome of an independent audit having to do with vendor rebates and what not. Is Office Depot reporting rebate forecasts as part of revenue as opposed to what they actually received? Let's hope not because heads will roll and it will seriously call in to question the integrity of Depot's accounting practices.

Long Duck Dong wrote:

Well.....Office Depot is delaying announcing its third quarter earnings pending the outcome of an independent audit having to do with vendor rebates and what not. Is Office Depot reporting rebate forecasts as part of revenue as opposed to what they actually received? Let's hope not because heads will roll and it will seriously call in to question the integrity of Depot's accounting practices.

Lets hope heads will roll!!!!!!!!!! Odland needs to go!

INVESTORS STAY AWAY FROM OFFICE DEPOT....I DONT KNOW HOW LONG I HAVE TO SAY TO THIS PEOPLE BEFORE THEY LEARN. OFFICE DEPOT IS A MESS UNDER ODLAND!!!!!!!!!!

You know they're sweating bullets in that board room right now. Sleepless nights and irritable bowl syndrome for whomever prepared and conjured up the financial statements.