Here's the one word that has every Staples and Office Depot employee terrified

What's in it for Staples' shareholders?

The company explains in one word that probably has every Staples and Office Depot employee nervous.

"We expect to recognize at least $1 billion of synergies as we aggressively reduce global expenses and optimize our retail footprint. These savings will dramatically accelerate our strategic reinvention which is focused on driving growth in our delivery businesses and in categories beyond office supplies."

"Synergies" usually means the closing and combining of offices and stores, which also often comes with job cuts.

The two companies together employ over 58,000 people.

Assuming half of those synergies ($500 million) come from reduced headcount and each worker saves $150,000, this back-of-the-envelope calculation would see over 3,300 employees being let go.

The companies haven't actually announced or quantified and reductions in headcount just yet. But you can bet that announcement is coming.