http://news.yahoo.com/s/ap/20081210/ap_on_bi_ge/office_depot_strategic_review;_ylt=ApKkJdywouMSLwknW3TBelCyBhIF Office Depot will close 112 stores BOCA
RATON, Fla. – Office Depot Inc. will close about 9 percent of its North
American stores over the next three months and open fewer locations
next year in an effort to cut costs, the office supply chain said
Wednesday.The plan to shutter 112 stores will reduce the chain’s base
to 1,163. It plans to close 45 stores in the Central U.S., 40 in the
Northeast and Canada, 19 in the West and eight in the South.Office
Depot also will close six of its 33 North American distribution
facilities.Meanwhile, the Delray Beach, Fla.-based company said it
plans to shut another 14 stores next year while opening just 20 new
sites, half of what it planned.
Office Depot will take related
charges of $270 million to $300 million in 2008 and 2009.The struggling
retailer considered store closings in October, when it reported a
third-quarter loss due to slumping sales as consumers and small
businesses cut back spending.Office Depot shares, which have tumbled
more than 82 percent since the beginning of the year, were unchanged in
pre-market trading Wednesday at $2.43.