Staples to close 225 stores

staples

NEW YORK — Staples will close 225 stores in North America by the middle of next year as the office supply retailer tries to trim costs in the face of weaker sales.

The store closings will come to about 12 percent of its stores in North America. The closings build upon the 40 stores it closed in the region in 2013.

Staples said it is aiming to save $500 million annually through the closings and other cost cutting measures.

The announcement comes two days after electronics retailer Radio Shack announced plans to close up to 1,100 stores, or about 20% of its locations.

Staples also reported that lower sales and earnings in its most recent quarter that ended Feb. 1., a period that included the holiday shopping period.

And it warned that sales and earnings would be lower again in the current quarter, missing forecasts of analysts.

Shares of Staples tumbled 7 percent in pre-market trading.

8 comments

  • Ted

    I don’t feel sorry for any stagnant company (i.e. Staples and Radio Shack) that is stuck in 1998. Hopefully Best Buy will be the next to fall.

    • Sigh.

      Ted. Ted. Ted no. Stop it Ted. Do some research, Ted. That’s just one of the many things wrong with this society. Uneducated opinions. Staples’ online sales force is only second to Amazon. Mull on that for a while. The company now acts as an online retailer with a store presence, not a big box retailer. They’re not hurting for business. Just shedding the fat and developing with the times. Unlike Officemax/Office Depot, who are merging just struggling to survive. Ted, stop it. No. Bad ted.

  • Sigh.

    See that Police vehicle in the photo? That Officer is risking his/her life keeping the hordes of shoppers from getting rowdy. Look at them all.

  • TV outlets

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