Thursday, August 4, 2016

Office Depot to shut another 300 stores

Office Depot Inc, which scrapped a plan to merge with larger rival Staples Inc in May on antitrust concerns, said it would close about 300 more stores in the next three years to help cut annual costs by $250-million by the end of 2018.

The company, which had closed 400 stores by the end of the second quarter, said its quarterly sales fell 6.5 per cent to $3.22-billion, roughly in line with the average analysts’ estimate, according to Thomson Reuters I/B/E/S.

It was the company’s seventh straight drop in quarterly sales. Both Staples and Office Depot have been hit by competition from online retailers such as Amazon.com Inc that have been discounting school and office supplies.. . . more

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