Staples to close 225 stores

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Staples will close up to 225 stores by the end of 2015.

CEO Ron Sargent said nearly half of Staples’ sales are now generated online, and the store closures are part of their efforts to improve efficiency and reduce costs.  The closings were part of the company’s plan to save $500 million by the end of 2015.

“A year ago, we announced a plan to fundamentally reinvent our company,” Sargent said.  The company already closed more than 40 stores and downsized or relocated another 40 as part of that plan.

Confirmation of the additional planned store closures was part of Staples’ earnings announcement made March 6, 2014.

Staples has not yet specified which stores will close.  The company has a store in Moline and one in Davenport.

Staples has just over 1,800 stores in North America.

Filed in: Moneysaver


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