Staples to Close Dozens of Stores
The company, headquartered in Framingham, said the move could boost revenue.
Framingham-based Staples will close 30 of its North American stores to try and boost revenue.
The company didn't say which stores would be shuttered. It employs 88,000 workers worldwide.
In a news release, Staples said it 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,” Ron Sargent, Staples’ CEO, said 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.
Today's announcement led to a 4 percent drop in Staples' shares, according to NBCNews.com.