OFFICE DEPOT TO CLOSE 112 STORES

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OFFICE DEPOT TO CLOSE 112 STORES

 user 2008-12-10 at 1:31:01 pm Views: 59
  • #20363
    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.