Office Depot plans to close at least 400 stores in USA
BOCA RATON, Fla. -- Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.
The combined company's financial results beat Wall Street estimates for the January-March quarter and it raised its full year forecast for operating income on Tuesday.
The office supply retailer had 1,900 stores in the U.S. at the end of the first quarter, so the plans call for closing about 21 percent of them. Office Depot and OfficeMax Inc. completed their $1.2 billion deal last November.
Office Depot said it has not quantified the number of jobs that will be affected by the store closures but that it will look to place its best talent impacted by the store closings into new roles, wherever possible. However, the locations of the stores to be closed has not been released.
Office Depot has stores in Huntington, Parkersburg and Morgantown. OfficeMax has stores in Charleston and Ashland, Ky.
Office Depot said Tuesday that it expects to close 150 U.S. stores this year, mostly in the fourth quarter. It closed 14 stores in the first quarter, a company spokeswoman said. All of the store closures are anticipated to occur by the end of 2016.
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