Staples to Speed Up Closure of 15 Stores in US

By: Associated Press
By: Associated Press

FRAMINGHAM, Mass. (AP) -- Staples says it is speeding up the closure of about 15 of its U.S. stores and plans to close 45 stores and some delivery businesses in Europe.

The office products company also says it will invest more in its online and mobile efforts and will expand the product assortment that it offers to its business customers.

Staples Inc. said Tuesday that these moves and other actions are part of a strategic plan to better serve customers' needs and accelerate growth.

The chain expects the U.S. store closings will result in an approximately $35 million fourth-quarter charge. The European closures are expected to occur before the end of fiscal 2012.

The Framingham, Mass., company anticipates annual savings of about $250 million by fiscal 2015's end.

Staples's stock added 12 cents to $12.47 in premarket trading.

AP-WF-09-25-12 1236GMT


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