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Following its failed merger with Staples earlier this year, Office Depot has decided to close 300 stores over the next three years.
The retailer will focus its efforts on reinventing its store model in North America, which has seen sales slip by 7% to $1.2B in Q2, down $1B compared to the year-ago quarter, reports Retail Dive. On the bright side, the office supply chain reported a Q2 profit of $210M, a nice change from last year’s $58M loss.
Office Depot's portfolio still includes 1,800 locations in 59 countries, and the retailer is in talks to create a smaller 15k SF format, and will trial 24 stores in key markets before the year comes to an end. [RD]
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