Staples and More Shutter Stores
Framingham, MA-based Staples will shutter 50 more locations in an effort to slow losses and return to profitability. The office supply company previously closed 12 percent of its stores from 2014 to 2015 , reducing expenses by $500 million a year.
Compounding Staples’ troubles, a $5.5-billion merger with Office Depot hit a snag with the Federal Trade Commission, which says the combined company would have too large of a market share in servicing the office supply needs of large companies. Staples offered to cancel $1.25-billion in commercial contracts, but analysts now believe the merger is a long shot.
Other reported store closings:
– Office Depot 400
– The Gap 175
– Walmart 154 (+ Walmart Express and 16 additional supercenters)
– Finish Line 150
– Sports Authority 140
-J.C. Penny 87
– Aeropostale 84
– Macy’s 40
– Best Buy 30 (+online marketplace)
– Kohl’s 18
– Target 13