US: Office Depot to close hundreds of stores after OfficeMax buyout

Office supply retailer Office Depot is reportedly slated to close 400 stores in the nation following its acquisition of rival OfficeMax to reduce overlap between the two companies.

According to reports, the closings will save the firm about $75 million a year by the end of 2016.

In a statement, Office Depot Chief Executive Officer Rolan Smith said “the overlapping retail footprint resulting from the merger provides us with a unique opportunity to consolidate.”

Office Depot’s plans amount to closing about one in five locations across the nation.

Full content: Bloomberg

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