Staples to Shutter 225 Stores as Sales Move Online

Thursday, Mar 6, 2014  |  Updated 7:13 AM CDT
View Comments (
)
|
Email
|
Print
Staples to Shutter 225 Stores

AP

In this May 17, 2011 file photo, a Staples sign is displayed on the front of a Staple store, in Portland, Ore. Staples says it will shutter 225 North American stores, about 10 percent of Staples Inc.'s worldwide total of 2,200, by the end of 2015, and the office-supply retailer has started a plan to save about $500 million annually.

Staples will close 225 stores by the end of next year and the office-supply retailer is initiating a plan to save about $500 million annually by 2015.

The Framingham, Mass., company says nearly half of its sales are now generated online, so it will aggressively cut costs to become more efficient. The closings, all in North America, will help the company meet its pre-tax savings goal.

The store closings amount to about 10 percent of Staples Inc.'s worldwide total of 2,200. It has 1,500 locations in the United States.

The company's fourth quarter earnings more than doubled compared with last year, when the company booked a restructuring charge of more than $176 million.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out