Can Closing 300 Stores Save Office Depot From Demise?
The closure is part of an attempt to cut costs by $250 million annually.By Eugene Daniels | August 3, 2016
Three months ago, Office Depot was about to merge with a rival. Now, it's closing 300 stores as it has its seventh straight drop in quarterly sales.
The company says the 300 stores will be closed over the next three years, which will eventually help cut costs by $250 million. And the closures shouldn't be too much of a surprise. Earlier this year, the company closed 400 stores at the end of the second quarter as business continued to dwindle.