Headlines

Staples Clips Stores

Office-supply retailer closing 30 outlets

Published

22 years ago

February 1, 2002

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Staples Inc. (Framingham, Mass.) said on Friday that it plans to close 30 stores over the next two to three months in a bid to offset the impact of a weak U.S. economy and stay competitive. However, the company also said it expects to go ahead with plans to open 120 new stores worldwide in its next fiscal year, which starts February 3.

Staples, the second-largest U.S. office-supply retailer behind Office Depot, said the store closures are part of its continuing effort to identify underperforming stores.

“We're doing this to remain competitive in today's economic environment,” Tom Nutile, a company spokesman, told Reuters.

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