EXCLUSIVE: Corporate Express confirms redundancies
- 16 February, 2012 09:55
Corporate Express will make about five per cent of its headcount redundant as it goes through a cost restructuring.
The company is also redeploying resources to take advantage of the growth opportunities. Corporate Express’ IT division is affected by the restructure.
“We are moving to rightsize costs,” Corporate Express president, Australia and New Zealand, Jay Mutschler, said.
“Many companies right now are experiencing the soft market, which does mean a relatively small number of redundancies, and in other areas we are redeploying people.”
Mutschler is new to his role, having relocated to Australia from the US to take the job on January 3.
Corporate Express is a subsidiary of NASDAQ-listed office products reseller, Staples, which acquired 92 per cent of the Corporate Express shares on July 26, 2010.
At that time, Staples stocks were trading at $US20.31 on the NASDAQ. They are currently trading at $US14.90, but the market sentiment towards the company, according to the NASDAQ website, is bullish.