Office Depot Closing a Quarter of its Stores
Office Depot said it would close at least 400 stores in the United States as shoppers shift their office supply purchases to online retailers, mass-market chains and drugstores. The company operated about 2,200 stores as of December, employing 66,000 associates and bringing in about $17 billion in revenue. By the end of March, the company said it had 1,900 U.S. stores. Office Depot, which also reported a quarterly net loss, said it expects to close 150 stores this year. The store closures will start adding to profit in 2015, the company said.