Office Depot to Close 300 More Stores
Office Depot announced it will need to close 300 more locations to put itself in a better position as a stand-alone company. The office supplies retailer closed 42 stores in the second quarter of this year as part of an earlier plan to close 400 locations. The newly announced closing of 300 stores is in addition to this, and the company hopes it will help cut costs by $250 million.
Total Retail’s Take: This all comes after Office Depot's attempted merger with rival Staples failed to receive FTC approval just a few months ago. Office Depot is trying to get its house in order now that it's resigned to the fact that the merger isn't happening. Add to the mix that it’s a difficult time for office supplies retailers because of the growing shift to digital in the workplace, and you get news like this. With Office Depot closing so many stores, will Staples eventually take complete control of the category?