Office Depot to Close 400 Stores
Following its merger with OfficeMax, Office Depot will close 400 U.S. stores, the company announced as part of its earnings release Tuesday.
“Based on our preliminary analysis, we expect to close at least 400 locations in the U.S., with 150 stores slated to close in 2014,” CEO Roland Smith said as part of the earnings announcement. “We anticipate the total store closures will generate annual run-rate synergies of at least $75 million by the end of 2016 and will begin to be accretive to earnings in 2015.”
The company did not reveal which locations are part of the closings.
Office Depot announced a quarterly loss of $109 million, compared to $17 million in the same period (pre-merger) last year.