Business & Tech
Staples Closing More Than 200 Stores Nationwide
Move comes as retailer continues to cut costs, reinvent itself.
By Liz Taurasi
As the office supply retailer continues to reinvent itself, Staples has announced it’s closing 225 stores by the end of 2014.
The Framingham, MA-based retailer says it’s aggressively cutting costs to become more efficient as nearly half of the company’s sales are now generated online.
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While locations of stores to be closed has not been announced, the company says it will impact 10 percent of its brick and mortar locations overall. Staples as 2,200 stores worldwide with 1,500 locations in the United States. The store closings will impact Staples locations in the United States.
The plan is expected to help the company save approximately $500 million by 2015.
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In September, Staples eliminated a number of positions, most of them “leadership positions” at the company’s Framingham headquarters.
In late August, the company released its second quarter performance showing sales for Q2 were $2.4 billion, a decrease of 2 percent, compared to the second quarter of 2012. At the time, Staple’s Chairman and CEO said at the time that the company continued to make progress in its strategic plan to reinvent Staples.Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
