Staples to close 225 stores
Staples also reported that lower sales and earnings in its most recent quarter that ended Feb. 1., a period that included the holiday shopping period. And it warned that sales and earnings would be lower again in the current quarter, missing forecasts of analysts.
Staples is facing increased competition from Office Depot (ODP, Fortune 500), which purchased smaller rival OfficeMax during 2013. The combined operations of the two chains now have more locations in North America than Staples, even though Staples is still larger in terms or sales.
Office Depot could be announcing its own store closings in the future as it deals with overlapping locations in the same market produced by the merger.