Office Depot to Close 400 Stores

In seeking to cut costs amid intense competition in the North American office supplies business, Office Depot expects to close at least 400 stores by the end of 2016, a part of the buyout of rival Office Max.

According to its latest annual report, the company will shut about 50 stores in the U.S. this year, which will effectively bring Office Depot to its goal. Last year, the company closed 181 stores following the exit of 168 locations in 2014. Fewer stores in operation has also led to a consolidation of Office Depot’s supply chain. Through the end of 2015, eight distribution centers and cross-dock facilities across the country were closed due to the integration of Office Depot with Office Max.

According to TonerNews.com, Office Depot operates 1,564 retail stores in North America, with 45 distribution centers and cross-dock facilities in the United States and Canada at the end of 2015.

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