STAMFORD – Xerox Corp. is looking to move out of its current headquarters to either a smaller site in Stamford or another Fairfield County town.
The company, which has been taking actions to deal with financial losses, sluggish sales and a precipitous drop in its stock price, is to make the move by the end of the year.
The copier company employs 350 people at its headquarters off the Merritt Parkway. The building can hold 630 people and has a 630-car parking garage. Xerox owns the land and leases the building in a long-term, sale-leaseback agreement.
The company said it plans to divest its interest in the site and expects a deal with an interested company to happen soon. The headquarters move will not affect the Xerox Engineering Systems facility at Riverbend Center in another of Stamford, said Xerox spokeswoman Kara Choquette.
Xerox put that division up for sale earlier this year. Over the past year, Xerox has been selling or consolidating various real estate holdings around the world as part of its goal to cut $1 billion in costs.
The company laid off 2,000 workers last year and said it would lay off another 4,000 in the first quarter of this year.
