Staples to Close 140 Stores This YearAugust 20, 2014
Following a quarter in which sales dropped, Staples announced that it will close 140 locations this year.
The chain posted a profit of $81.9 million in the quarter, based on revenue of $5.22 billion, although sales dropped 2 percent.
“We’re accelerating growth in our delivery businesses as customers turn to Staples for more
products beyond office supplies,” Ron Sargent, Staples’ chairman and chief executive officer, said as part of the announcement. .
“At the same time, we have more work to do to stabilize our retail business, and we’re taking action to improve customer traffic, reduce expenses and close underperforming stores.”