You can be on Entrepreneur’s cover!

Hundreds of Employees Laid Off at Staples HQ The 'bloodbath' affected both senior and junior employees.

By Dan Primack

entrepreneur daily

This story originally appeared on Fortune Magazine

Shutterstock

Staples Inc. on Monday laid off hundreds of corporate employees, according to multiple sources familiar with the situation.

"It was a bloodbath," says one source, who adds that pink slips were handed to both senior and junior employees.

Company spokesman Kirk Saville declined to confirm or deny the layoffs, instead referring Fortune to a press release announcing various leadership changes and that Staples was "streamlining its structure."

That official announcement made no mention of widespread firings, nor or any specific departures beyond Demos Parneos, president of North American stores and online.

One person not affected is chairman and CEO Ron Sargent, who continues to fight Federal Trade Commission opposition to his company's planned acquisition of rival Office Depot.

Staples stock is down more than 7 percent so far in 2016, and down more than 50 percent from when the Office Depot deal was first announced last February. The company also has spent the past two years in a store closure process that was expected to affect at least 225 locations.

Dan Primack blogs, writes, muses and opines on deals and deal-makers for Fortune.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Growing a Business

Who You Hire Matters — Here's How to Form a Team That's Built to Last

Among the many challenges related to managing a small business, hiring a quality team of employees is one of the most important. Check out this list of tips and best practices to find the best people for your business.

Side Hustle

This Flexible Side Hustle Is Helping Millions Earn Extra Cash — and Might Be 'More Attractive' Than an Office Job

Side hustles remain popular for additional income — and have many questioning the 9-5 model altogether.

Business News

A 3D Printer Used By Microsoft, Ford, and NASA Is Now Commercially Available — Here's What It Can Do

Formlabs is a 3D printing company now worth $2 billion. It started as a Kickstarter campaign.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business Models

Why the Coaching Industry Is Poised for Transformative Growth in the Gig Economy Era — and How to Navigate the Waves of Change

This article highlights five trends shaping the coaching industry and offers insights into how entrepreneurs can adapt and thrive in this evolving landscape.