Contact Us
Armonk Daily Voice serves Armonk, NY
Return to your home site

Menu

Armonk Daily Voice serves Armonk, NY

Nearby Towns

Breaking News: Schools Schedule Early Dismissals With Freezing Rain, Sleet, Snow On Way
business

Office Depot Announces Closure Of 300 Stores

Office Depot did not specify which stores it planned to close, but there are three locations in the region.
Office Depot did not specify which stores it planned to close, but there are three locations in the region. Photo Credit: Wikipedia

Office Depot announced Wednesday that it was planning to close 300 more stores in the next three years.

The initiative is part of a $250 million cost-saving program, the office supply and services giant said.

Office Depot, which is headquartered in Boca Raton, Fla., recently dropped plans to merge with its chief rival, Staples, which is based in Framingham, Mass.

According to multiple media reports, the office-supply chains had to call things off after government regulators raised anti-trust concerns and a federal judge backed them up.

Office Depot, which has already shuttered 400 stores, reported that total sales for the second quarter of 2016 were $3.2 billion, compared to $3.4 billion during the same period last year, or a decrease of 6 percent.

Office Depot’s chairman and chief executive officer remained optimistic.

“We are making good progress rebuilding our sales pipeline and moving our overall business forward, despite the disruption of the prolonged Staples acquisition attempt,” Roland Smith said Wednesday in a statement.

The company is focusing on critical priorities such as “completing the OfficeMax merger integration, implementing our new cost saving programs, and returning capital to shareholders.”

It has also identified “several attractive growth initiatives” that it intends to “aggressively pursue,” Smith said.

"Money" magazine reported that the chain also plans to tighten its belt by cutting general and administrative costs.

Office Depot did not specify which stores it planned to close.

There are three Office Depot/OfficeMax store locations in the region: (OfficeMax) East Main Street, Mohegan Lake, N.Y.; (Office Depot) Newburgh Mall, Newburgh, N.Y.; and (Office Depot) Rockland Center, Route 59, Nanuet, N.Y.

To read the "Money" magazine article, click here.

to sign up for Daily Voice's free daily emails and news alerts.

Welcome to

Armonk Daily Voice!

This is a one time message inviting you to keep in touch

Get important news about your town as it happens.