Retail Dive reported that Office Depot is set to close 65 of its office supply stores in Q4. Office Depot’s shares have increased as much as 15 percent after the announcement on Thursday (Nov. 3).
Office Depot plans to close 300 office supply stores over the next three years in a major cost-cutting effort. The company previously announced plans to sell its European business to The Aurelius Group. Office Depot also plans to revamp its retail model and return capital to shareholders following a failed merger with Staples in May and the departure of CEO Roland Smith in August.
Office Depot closed seven of its office supply stores in the third quarter and plans to close a total of 125 by the end of 2016, including the 65 in Q4.
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