Office Depot will close 112 stores
Associated Press
Office Depot will close about 9 percent of its North American stores over the next three months and open fewer locations next year in an effort to cut costs, the office supply chain said Wednesday.
The plan to shut down 112 stores will reduce the chain's base to 1,163. It plans to close 45 stores in the Central United States, 40 in the Northeast and Canada, 19 in the West and eight in the South. The company did not specify if any were in South Florida.
Office Depot also will close six of its 33 North American distribution facilities.
Meanwhile, the Delray Beach-based company said it plans to shut an additional 14 stores next year while opening just 20 new sites, half of what it planned.
Office Depot will take related charges of $270 million to $300 million in 2008 and 2009.
The struggling retailer considered store closings in October, when it reported a third-quarter loss due to slumping sales as consumers and small businesses cut back spending.
Office Depot shares, which have tumbled more than 82 percent since the beginning of the year, were unchanged in pre-market trading Wednesday at $2.43.
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LAYOFFS:
More than four in 10 Canadian companies are planning layoffs or have already laid people off, according to a study released today.
The study, conducted in November by global consulting firm Watson Wyatt, also found 42 per cent of employers are revising their merit payments for the next year and halting all new hiring.
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