Shifting channels of distribution have negatively affected financial performance
Due to general competitive pressures along with disruptions stemming from the COVID-19 (coronavirus) pandemic, ACCO has experienced, and is expected to continue experiencing, negative sales growth from its traditional distribution channels such as office superstores and wholesalers. In response, the company seeks to increase its sales and drive market share in faster growing mass merchant and e-commerce retailers. ACCO expects its top five customers to represent 34.0% of its total sales in 2020 (latest data available).
COVID|Labor|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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