Office Depot sheds 2,200 jobs

Office Depot announced Wednesday it will shed 2,000 jobs at its largest retail outlet in the United States, cutting about 300 positions across the nation.

The company says the cuts are part of a consolidation effort, and the savings will be used to improve the company’s global performance.

In a news release, the company said it expects to add another 2,100 positions in 2019.

It added that it has recently closed two stores and will begin construction of a third one this year.

The job cuts come after the company announced it would sell its office supplies business to a private equity group.

That deal was finalized in July.

Last year, the retail giant lost about $1.6 billion, including a $1 billion restructuring charge that was partially offset by an increase in its tax bill.