Office Depot Quickens Pace of Store Closings

Office Depot (Boca Raton, Fla.) released figures from its second-quarter sales, which included an 8-percent decline in sales. As a result, the retailer has accelerated its plans to close stores in anticipation of its merger with Staples (Framingham, Mass.).

According to the Sun Sentinel, the company plans to close 175 stores this year and at least 60 next year. All told, the company expects to close at least 400 stores by the end of 2016.

Despite the decline in overall sales for the company as a whole, the retailer did see a 1-percent increase in same-store sales for Q2. This is attributed to consolidated stores and more efficient operations.

The merger with Staples is currently awaiting regulatory approval.