Office Depot will close 165 stores
Office Depot will close more than the 150 stores it had earlier slated, the company announced. The total this year will now be 165.
The office supply retailer also announced that it settled a longstanding lawsuit in California by one of its former accountants, who said the retailer overcharged the state for supplies. The retailer admits no wrongdoing but is paying $80 million.
The retailer saw Q2 same-store sales decline 3%. The company acquired rival office-supply chain OfficeMax last year.
Office Depot is still working out details post-merger, but the pressure in the office-supply retail sector remains strong. It’s an area of retail that has seen an enormous shift to online commerce, and is less likely to bring in customers to its brick-and-mortar stores to reorder supplies.