Staples To Shutter 225 Stores As Sales Move Online

Staples (Canada)

Staples (Canada) (Photo credit: Wikipedia)

FRAMINGHAM, MA (AP) – Staples will close up to 225 stores in North America by the end of next year as it seeks to trim about $500 million in costs annually by 2015.

The nation’s largest office-supply retailer said Thursday that nearly half of its sales are now generated online, so it will aggressively cut costs to become more efficient.

Company shares dropped more than 10 percent before markets opened.

The recession did heavy damage to the industry, which is now under increasing pressure from online retailers as well as discount stores.

Read more at http://www.philly.com/philly/business/20140306_ap_77eb92fd166d43918b55776a4cd110bf.html#y7MAZEw1cUTxW8ok.99

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