IE Business Daily Business news for the Inland Empire.
Office Depot Inc., a global provider of office products, will close at least 400 U.S. stores between now and the end of 2016, a move that is expected to save the company at least $75 million.
The company is looking to merge its operations in the aftermath of its merger with Office Max last November. It announce the pending store in its first quarter earnings report, which was released today.
About 150 stores will be closed this year, according to the report.
Office Depot and its rival Staples have both been hit by declining sales, as many shoppers are now buying their office supplies online. In March, Staples announced it will close 225 stores in the United States and Canada, about 12 percent of its North American stores.
Wall Street approved the move: Office Depot share rose as much as 20 percent in early trading, according to published reports.
No list of store closings was released. Office Depot operates 13 stores in the Inland Empire, according to the company’s website.
