Office Depot plans to close at least 400 US stores - 13abc.com Toledo (OH) News, Weather and Sports

Office Depot plans to close at least 400 US stores

Posted: Updated:

BOCA RATON, Fla. (AP) - Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.

Office Depot Inc. expects to close 150 stores this year, mostly in the fourth quarter. All of the store closures are anticipated to occur by the end of 2016.

The company has more than 2,000 stores globally.

The store closings are expected to result in at least $75 million in annual savings by 2016's end and add to earnings starting next year.

Office Depot said Tuesday that it's still trying to determine expected working capital savings and costs related to the store closings.

Shares of the Boca Raton company climbed more than 8 percent in premarket trading.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Top StoriesMore>>

  • Cedar Point announces Mantis is out October 19th

    Cedar Point announces Mantis is out October 19th

    Tuesday, September 2 2014 12:19 PM EDT2014-09-02 16:19:41 GMT
    Cedar Point has announced that the Mantis Roller Coaster is shutting down.
    Cedar Point has announced that the Mantis Roller Coaster is shutting down.
  • Major construction project could tie up traffic

    Major construction project could tie up traffic

    Monday, September 1 2014 6:20 PM EDT2014-09-01 22:20:52 GMT
     A major construction project is about to start along State Route 420 in Wood County and that could mean delays for drivers, but ODOT hopes it will eventually clear up congestion.
     A major construction project is about to start along State Route 420 in Wood County and that could mean delays for drivers, but ODOT hopes it will eventually clear up congestion.
  • Early Head Start aims to offer services for whole family

    Early Head Start aims to offer services for whole family

    Monday, September 1 2014 5:44 PM EDT2014-09-01 21:44:51 GMT
    Students in Toledo's Head Start program are headed back to school soon. For the first time the program is being run by Toledo Public Schools.
    Students in Toledo's Head Start program are headed back to school soon. For the first time the program is being run by Toledo Public Schools.

Area Events Calendar

See It, Shoot It, Send It!