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Office Depot rewrites plans to improve operations.
DELRAY BEACH, FLA. -- This was a year Office Depot would like to forget.
Weak results in the first quarter were followed by an even more disappointing performance during the second quarter as profits declined, same-store sales dropped 5% and store expansion plans were scaled back.
Those factors caused Office Depot shares to plummet throughout the summer. The situation worsened in late October when the company was forced to delay the release of its third-quarter results after it discovered serious accounting errors related to vendor funds. The mistake cost four merchandising executives, includ- ing senior vp of merchandising Scott Koerner, their jobs and caused Office Depot to restate earnings for four previous quarters.
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When third-quarter results …
