Staples to shut down 225 stores in North America
Office supply chain store Staples is closing down 225 of its stores across North America in a bid to focus more on its online sales. The closings would be completed by 2015, according to TechCrunch.
Chief Executive Officer (CEO) Ron Sargent explained: "A year ago, we announced a plan to fundamentally reinvent our company. With nearly half of our sales generated online today, we're meeting the changing needs of business customers and taking aggressive action to reduce costs and improve efficiency."
In spite of its improving online business, Staples' overall sales have suffered a 13% plummet for the last quarter of 2013 and 5.2% for the whole year, the report said.
According to Boston.com, the closings would affect 10% of Staples' total number of outlets. Out of its 2,200 branches all over the world, 1,500 are located in the US. Other details about the number of job cuts and store locations are unavailable for now, the report detailed.