News

Office Depot closing 400 U.S. stores

Office Depot closing 400 U.S. stores Click to Enlarge Photo:

May 6, 2014 at 7:44 am

BOCA RATON, Fla. (AP) — Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.

Office Depot Inc. expects to close 150 stores this year, mostly in the fourth quarter. All of the store closures are anticipated to occur by the end of 2016.

The company has more than 2,000 stores globally.

The store closings are expected to result in at least $75 million in annual savings by 2016's end and add to earnings starting next year.

Office Depot said Tuesday that it's still trying to determine expected working capital savings and costs related to the store closings.

Shares of the Boca Raton company climbed more than 8 percent in premarket trading.

Mike Tanner

Posted By Mike Tanner

News Director

Mike Tanner's Profile

Leave a Comment

Current Weather

For Central Minnesota

Temp: 67°F (19°C)

Dewpoint: 50

Wind: 8 SW

Weather: Clear

Full Forecast | Live Radar

Community Calendar