Office supply chain Staples to close 70 stores

Office supply retailer Staples announced on Thursday plans to close 70 of its 1,558 North American locations during 2017, following a year of diminishing returns by the company. 

Of Staples' 1,558 locations in North America, 1,255 are in the United States.

The company took a $548 million loss in 2016, and saw a 3 percent drop in sales. 

The company has not announced which 70 locations would close due to Thursday's announcement. 

Although Staples saw a reduction in revenue for in-stores sales, it also saw a drop in revenue from delivery sales. 

According to Staples' investor report, comparable store sales decreased seven percent versus the prior year. Sales declines in mobility, business machines, technology accessories and ink and toner were partially offset by growth in print and marketing services, Staples said.

“Our fourth quarter results were right in-line with our expectations, and I’m increasingly confident that we have the right plan and the right team to transform Staples and get back to sustainable sales and earnings growth,” said Shira Goodman, Staples’ Chief Executive Officer. “I am particularly proud of our ability to grow our delivery business by continuing to enhance our offering and satisfy our business customers.”

Overall, Staples closed 48 stores in 2016, and 350 locations in the last five years. 

 

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