OFFICE DEPOT TO CLOSE 112 STORES IN NORTH AMERICA
BOCA RATON, FLA. — Office Depot is expected to close 112 underperforming retail stores in North America within the next 3 months. Spanning the country and Canada, the closures include 45 locations in the central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South. An additional 14 stores will be closed through 2009 as leases expire or lease arrangements are finalized. The company notes that the closures are part of a strategic review, which was released October 29, 2008. The first wave of closures will reduce the company’s North American store base to 1,163. Additionally, new store openings for 2009 have been reduced to approximately 20, down from a previous estimate of 40. This action will reduce total company capital spending in 2009 to $200 million. The company also plans to close six of its 33 distribution facilities in North America.