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.
Indiana State Fair deals, discounts
As the 2014 Indiana State Fair get underway, there are more than a dozen special pricing programs available for budgets big and small.
Which airport in OH, IN, or KY has lowest fares?
John Matarese hunts for lower airfares for Midwestern travelers.
Ways to make sure you are not overcharged
Walgreens isn't the only big name store that makes mistakes with pricing errors.
Parts shortage halts work at Fort Wayne GM plant
An auto parts shortage prompted the cancellation of several shifts at the General Motors assembly plant in Fort Wayne, but second-shift…
Angie's List: Do you need a building permit?
Before you build a deck or renovate your bathroom, you may want to make sure you have the proper paperwork.
New app Pare Up will help curb food waste
Creators of a new app called Pare Up are hoping to help the world become a little less wasteful when it comes to food.