MORE NATIONAL NEWS
United States News
News from the region's first prime-time newscast. You'll find it First On Fox!
OFFICE DEPOT-STORE CLOSINGS
Office Depot plans to close at least 400 stores in US by the end of 2016
Reported by: Associated Press
Reported: Tuesday, May 6, 2014 8:07 AM EDT
BOCA RATON, Fla.
Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.
The company has more than 2,000 stores globally.
The store closings are expected to result in at least $75 million in annual savings by 2016's end and add to earnings starting next year.
Office Depot said Tuesday that it's still trying to determine expected working capital savings and costs related to the store closings.
Shares of the Boca Raton company climbed more than 8 percent in premarket trading.