H&R Block announced plans to reorganize the company, laying off 350 full-time employees in its Kansas City, Mo., headquarters and closing approximately 200 of its underperforming company-owned offices.

The company said it was offering a voluntary separation program to eligible employees throughout the organization and would review each application for voluntary separation on an individual basis. In the event the company does not achieve the targeted number of separations from the voluntary program, involuntary separations will follow, it warned Wednesday.

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