August 5, 2016
Office Depot has announced closure of 300 stores during the next three years in an effort to cut annual cost by $250 million. The office supply superstore already closed 400 U.S. stores by the end of Q2 2016, however, the company’s quarterly sales continued to slide, due to online retailers.
Office Depot will also cut costs through reduction of procurement and general and administrative costs. The company also reduced its capital expenditure budget for this year by $75 million, to approximately $175 million.
The company, headquartered in Boca Raton, FL, said it had 1,513 stores in North America at the end of the second quarter, and about 1,800 globally.
For comments, questions or concerns, please contact Amy Sorter