Staples To Close Dozens of Stores
Representatives of the office supply company, which has a store in Needham, said the move could boost revenue.
Staples, which has a store in Needham, will close 30 of its North American stores to try to boost revenue.
Representatives of the company, which is headquartered in Framingham, didn't say which stores would be shuttered. Staples employs 88,000 workers worldwide.
In a news release, Staples reps said the company wants to concentrate on its online retail operation. Staples is the largest office supplier in the United States. It's also the second-largest online retailer; Amazon is No. 1.
“We are focusing on our biggest opportunities, aligning our organization to address the needs of our customers, and reducing exposure to our weakest businesses,” said Ron Sargent, Staples’ CEO, in a statement. “This puts us in a much stronger position to drive long-term sales and earnings growth.”
Staples said it will also reduce the size of some of its North American stores, close 45 stores and offices in Europe, and shake up its leadership team.
Staples experienced a 5.5 percent decrease in sales during its most recent quarter, according to the Los Angeles Times.
The Sept. 25 announcement led to a 4 percent drop in Staples' shares, according to NBCNews.com.