Staples to Close 225 Stores
Posted on March 7, 2014Staples is planning to close up to 225 stores in the U.S. and Canada. Sales at Staples are falling due to people using less office supplies in the digital era. Staples also says its customers are purchasing more items online.
Staples has not revealed a store closing list or a target date for the closures. Reuters reports that analysts expect the store closings to take place this year. Staples also reports that Staples CEO Ronald Sargent said in a post-earnings call, "Our customers are using less office supplies, they're shopping less often in our stores and more online, and their focus on value has made the marketplace even more competitive."
Staples also reported its fourth quarter results, which were weaker than expected. One of the retailer's plans to boost sales is to expand its product categories. Staples says in a release that it plans to add eight new product categories. Some of the categories include breakroom supplies, gift and cards, educational toys and learning aids. Staples also says it will refresh 20% of its products. It will aid 1,600 items in categories beyond office supplies while removing about 1,000 items.