Stationery Giant’s New Plan to Cut Costs

Hit by competition from online retailers, Office Depot Inc. will close about 300 more stores in the next three years.

According to Reuters, the US based office supplies retailer will open more smaller-format stores in their place. The chain is also planning to cut costs by reducing procurement and general and administrative expenses. The goal is to cut annual costs of $250 million by the end of 2018.

Office Depot, which closed 400 U.S. stores by the end of the second quarter, reported the seventh straight drop in its quarterly sales.

Office Depot had 1,513 stores in North America, and about 1,800 globally, at the end of the second quarter.

Meanwhile, the company claimed that it had initiated a quarterly dividend of 2.5 cents per share, and increased its stock buyback plan from $100 million to $250 million.

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