The Office Times

Staples to close 225 stores

Staples has announced that it is to close up to 225 stores in the United States and Canada due to increased competition from online retailers and discount stores.

The closures amount to 12 percent of its North America outlets as Staples looks to reduce cost by $500 million annually by 2015.

For the full year 2013, total company sales were $23.1 billion. Excluding the extra week in 2012, a one percent negative impact due to store closures, and a one percent negative impact due to changes in foreign exchange rates, full year 2013 total company sales decreased approximately two percent versus the prior year.

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