Headlines

Office Depot Trimming Down

Retailer said it will close 70 stores, but spend $110 million to fix up survivors

Published

23 years ago

January 4, 2001

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Office Depot Inc. (Delray Beach, Fla.), the largest American retailer of office supplies, has announced it will close 70 stores in 18 states and Canada. The chain will withdraw entirely from Cleveland and Columbus, Ohio, Phoenix and Boston. However, the company also said it would spend $110 million to “spruce up” many of its 818 surviving stores. Bruce Nelson, ceo, said the company had “expanded too aggressively” in its attempt to remain competitive with arch-rivals OfficeMax and Staples, and had in the process entered too many weak markets and saturated too many others.

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