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Staples Is Closing Another 50 Stores

March 8, 2016

MARCH 4, 2016, 10:20 AM EST | by  | Fortune

 

Office supplies retailer Staples SPLS 0.21% is planning to keep closing more North American stores in 2016, adding to the hundreds of locations it has shuttered in recent years.

Staples, which is in the midst of a battle to win government approval to buy rival Office Depot op , said on Friday it would close 50 of its 1,607 North American stores this year, as it looks to slow declining sales. In the last two fiscal years, Staples closed 242 locations in the U.S. and Canada.

The retailer also reported another disappointing quarter: Same-store sales fell 5%, while Staples’ massive online business provided little relief, rising only 1%. Its services to business segment fell 1.4%. Staples forecast overall sales would again drop in this current quarter, getting the year off to a weak start.

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Loreen M. Gilbert, CIMA, AIF, CRC, CLTC – President, WealthWise Financial Services
Blue Vault
July 6, 2016

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