If the COVID-19 crisis had happened in early 2019, Staples Solutions CEO Dolph Westerbos admits that things could have been very different - and not in a good way - for the European reseller. Its liquidity position had been compromised by a loss of credit insurance and the business was still hampered by a high cost structure.Over the following months, Staples executed a rigorous restructuring plan that reduced its cost base by 25% while securing a line of credit against receivables with its banking partner. The bank balance was also boosted in late 2019 by the proceeds from the divestments of the German retail unit to Office Centre and the Bernard, JPG, Kalamazoo and Mondoffice catalogue and online businesses to packaging group RAJA (see also Big Interview, page 16).
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