Staples to close 70 stores in 2017
- Author: Zachary Reyes Mar 10, 2017,
Mar 10, 2017, 17:42
Staples has announced plans to close 70 stores this year.
Staples has announced it plans to close dozens of stores across the country later this year.
Staples now has more than 30 locations across Upstate New York, including in the Rochester, Albany and Syracuse areas.
Massachusetts-based Staples Inc., parent company of Top 40 distributor Staples Promotional Products (asi/120601), announced a 2.8% decrease in total sales for 2016, dropping revenues to $18.2 billion overall.
Weak sales prompted the decision to cut 70 locations across the nation, the company said in a statement.
Staples closed 48 stores last year in North America, ending the year with a total of 1,255 stores in the United States. Staples media relations has not issued a list of stores to close and it hasn't said when the stores will be shut down. According to the Associated Press, they gave up 19 cents to $8.77 in stock during the morning trade.
Last May, federal regulators blocked Staple's attempt to buy Office Depot, saying such a sale would hurt business customers. On a GAAP basis, the company reported a net loss from continuing operations of $615 million, or $0.94 per share.
Staples CEO Shira Goodman reassured investors Thursday that the company was on the verge of a big turn around. Active pension participants who are at least 55 years of age with 15 years of service as of January 31, 2017 are eligible."We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers", said Chairman and CEO Marvin R. Ellison in a statement.
At this time, there is no word on the future of the Emporia store or any others.