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.
Office Depot Inc. expects to close 150 stores this year, mostly in the fourth quarter. All of the store closures are anticipated to occur by the end of 2016.
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.
Review: Will new iPhone live up to the hype?
It's easy to dismiss Apple's new iPhones as merely catching up to Android.
Americans spend $730 at holidays; are you able?
The holidays might seem far away, but the time to sock some cash away for gifts is dwindling.
Angie's List: Choosing a body shop after a crash
If you've ever been in a car crash, you're familiar with all the tedious tasks that come along with finding a repair shop and filing…
Fake pets at top of annual 'Hot Toy List'
The "Fabulous 15" toys on this year’s holiday shopping list released by Toys "R" Us has a little bit of a theme…
Woman shares her romance scam story
John Matarese speaks with a woman targeted by a scammer, who wants to share her story.
Find out what your doctor visit SHOULD cost
John Matarese shows two easy ways to find out what your next medical visit should cost you.