Office Depot Plans To Close At Least 400 US Stores
BOCA RATON, Fla. (AP) — Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.
Office Depot Inc. expects to close 150 stores this year, mostly in the fourth quarter. All of the store closures are anticipated to occur by the end of 2016.
The company has more than 2,000 stores globally.
The store closings are expected to result in at least $75 million in annual savings by 2016’s end and add to earnings starting next year.
Office Depot said Tuesday that it’s still trying to determine expected working capital savings and costs related to the store closings.
Shares of the Boca Raton company climbed more than 8 percent in premarket trading.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Judge Halts Worker’s Comp Claim For Dallas Ebola Nurse Nina Pham
- Blue Bell Voluntarily Recalls All Of Its Products Due To Possible Health Risk
- Texas House OKs Changing Who Investigates Public Corruption
- Video Of Plano West H.S. Football Star’s Arrest Not Released After DA Gets Involved
- New DPD Policy Will Allow More Officer Stun Gun Use
- PHOTOS: Your Pet Pictures