Office Depot Plans To Shutter 65 Stores In Q4
Ever since Office Depot’s planned merger with Staples fell apart the firm has been on a massive cost-cutting spree, and the retailer recently announced plans to close 65 stores in Q4.
Office Depot’s shares jumped 15% last week after the company reiterated plans to shutter 300 stores over the next three years along with selling off the firm’s international business, RetailDive reports. According to the firm’s Q3 report, total adjusted sales fell 4% from a year ago while same-store sales dropped 2%.
"In addition to the store closure program, we are also optimizing the retail operating model inside the store to make it simpler and more efficient,” says Office Depot CEO Roland Smith, who announced his retirement as CEO in August. As part of the closures, the workforce management tool will evaluate each individual store’s labor requirements and optimize how that labor is scheduled. [RD]