Office Depot Plans To Close At Least 400 U.S. Stores

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NEW YORK (CNNMoney) — Office Depot will close at least 400 U.S. stores, shedding more than 20% of the stores it now operates in the U.S. after its merger with rival OfficeMax.

The company said the stores will be closed by 2016, with 150 of the closings coming at the end of this year. Office Depot operated 1,912 stores in its North American division at the end of last year, and the OfficeMax merger added 823 stores to its lineup. The merger was completed in early November.

The company has not identified which stores it is closing.

The closings were widely anticipated since there are many locations where the two brands have stores close to one another.

There have been a number of store closings announced so far this year, as brick and mortar stores face more competition from online competitors such as Amazon.

Office Depot rival Staples announced this year it would close 225 stores in North America, or about 12% of its locations, as it moved to trim costs and respond to more of its sales being completed online.

Radio Shack also said it plans to close 1,100 stores, or 20% of its North American locations, while troubled department store chain J.C. Penney has announced plans to close 33 locations.

Some analysts also expect that Sears Holdings could close as many as 500 Sears and Kmart locations soon.

Shares of Office Depot were up 15% after the company announced the closings as well as better than expected earnings.

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  • Nuclear Mike

    Do not worry…Downtown, Inc. will open up a stall for Office Depot and save the day!!!

  • koulikov

    So, stores close, and people lose their jobs due to more online purchases from one central location. What happens when no one around has any jobs?

  • PatRiot

    This is one of the biggest problems with online retailing. Everyone thinks it’s great that they save a few bucks buying an item online and often dodging paying sales tax.

    But the reality is that unless you spend the money locally, with real people in real stores, the money does not benefit the local economy at all. Eventually no one will have jobs, not even the delivery services like UPS and FedEx because Amazon will be delivering packages to your door via a drone.

    Don’t be cheap. Spend a few extra dollars and buy locally. Help keep your friends and neighbors employed!

    • Say What

      The Democrats in Washington have tried for years to pass legislation requiring retailers to collect sales taxes from online sales and return them to the states where the buyers reside. It is the Republicans that have blocked those bills every time!

      • screw aarp

        Why did the democrates not pass legislation in 09, 2010 , when they control both houses of congress ?so republicans could not have blocked the legislation. another socialist myth shot to hell.

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