Staples To Close 70 More Stores
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Staples is the next big-box store planning to shutter a swath of stores. The office supply store said Thursday it would close 70 stores out of its remaining 1,600, according to CNN Money. The retailer reported disappointing earnings, which included a $548M loss and a 3% drop in sales during the fourth quarter ending in January. The company has already shut down nearly 400 stores over the last few years, including 48 in 2016.
While the store closures are partly to blame for the drop in sales, stores open for at least a year reported a 1% decline.
Back in 2016 Staples tried to merge with Office Depot, but the merger was blocked by the Federal Trade Commission. Office Depot also is in the midst of several store closures and said last November it would close 65 stores during Q4. It plans to close 300 stores over the next three years. Other big-box retailers planning closures include Sears, Kmart, JC Penney and Macy’s.