Staples to shutter 225 stores as sales move online

Before you go, we thought you'd like these...
Before you go close icon


Earns StaplesFRAMINGHAM, Mass. (AP) - Staples will close 225 stores by the end of next year and the office-supply retailer is initiating a plan to save about $500 million annually by 2015,

The Framingham, Mass., company says nearly half of its sales are now generated online, so it will aggressively cut costs to become more efficient. The closings, all in North America, will help the company meet its pre-tax savings goal.

The store closings amount to about 10 percent of Staples Inc.'s worldwide total of 2,200. It has 1,500 locations in the United States.

The company's fourth quarter earnings more than doubled compared with last year, when the company booked a restructuring charge of more than $176 million.

Read Full Story

Sign up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox.

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners