Updated March 30 at 4:30pm

Staples plans to close stores in U.S., Europe

FRAMINGHAM, Mass. – Staples Inc., the largest U.S. office-supplies chain, plans to shut 45 locations in Europe and accelerate the closing of 15 stores in the U.S. as part of a plan to save about $250 million a year, Bloomberg News reported. More

To continue reading this article, please do one of the following.



Sign up to receive Providence Business News' newsletters
and breaking news alerts.  

retail

Staples plans to close stores in U.S., Europe

Posted:

FRAMINGHAM, Mass. – Staples Inc., the largest U.S. office-supplies chain, plans to shut 45 locations in Europe and accelerate the closing of 15 stores in the U.S. as part of a plan to save about $250 million a year, Bloomberg News reported.

The closings, the impairment of goodwill in the European business and other actions will result in total pretax charges of as much as $1.12 billion in the fiscal year ending in January, Framingham, Mass.-based Staples said last week in a statement.

The company has posted sales declines in the past two quarters as workers shift to using fewer traditional office products, such as pens and folders. The retailer also has been hurt by slower job creation amid the recession in Europe and high unemployment in the U.S.

Staples, the world’s second-largest Internet retailer, said it will use the savings to increase investment in the online operations. The company operated 2,295 stores as of Jan. 28, including 1,583 in the U.S. and 331 in Europe, according to a securities filing. •

27~26, 100112 Rhode Island & Massachusetts News Briefs, Staples Inc, economy, economic activity, retail, 27~26, issue100112export.pbn

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Latest News