Office Depot is closing 16 underperforming stores this quarter and next.
According to a filing with the Securities and Exchange Commission, the decision stemmed from a regular review of its stores’ performance and future prospects. The office supply chain did not disclose the locations of the targeted stores in order to allow time to notify affected employees and landlords.
The closings will cost Office Depot $30.1 million in lease obligations, asset write offs, inventory clearance and severance costs, and it will leave the chain with just under 1,000 retail stores in North America.
The company also disclosed that it will consolidate its Viking catalog into its Office Depot catalog business by year’s end, and will close a dedicated Viking warehouse and certain call centers in the process.
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