Posted on 08/24/2014 3:45:11 AM PDT by 2ndDivisionVet
Boca Raton-based Office Depot said Tuesday it would close 165 stores during 2014 — up from the 150 estimated earlier this year — but stuck with a total count of 400 store closures through 2016, the company said.
The office-supply retailer, which merged with OfficeMax last year in a $1.2 billion transaction, said it has completed its analysis of which stores will be closed across the U.S. and Canada. Locally, the retailer has closed two OfficeMax stores, in Coral Springs and Deerfield Beach.
The company also announced on a conference call following its second-quarter earnings announcement that it has settled a California lawsuit for $80 million, which it expects to pay in the fourth quarter....
(Excerpt) Read more at sun-sentinel.com ...
I disagree , not on the “summer of recovery” ,, but the office supply market has been overcrowded for a long time.
I went into my local Staples the other day, and there was no one there, save for about 5 employees standing around staring at me.
Update! I just did a quick search and here is the news about Staples:
Staples closing 140 stores this year amid poor sales
By Devika Krishna Kumar, Reuters AUGUST 22, 2014
Staples will close 140 of its underperforming North America stores this year as it faces stiff competition from mass retailers such as Wal-Mart and Amazon. Staples warned its sales could fall in the current quarter during a Wednesday sales call.
I just don’t see how a market can be over crowded. If there is to much competition then players will leave for greener pastures. Let the free market control the field.
Yeah Obama’s economic policies are really turning this country around.../s
I’ve been going to office supply stores for a couple of decades now, and I’ve never seen any crowds in one or more than a handful of employees. It’s always been a mystery to me how they’ve survived for so long.
Ditto our store. It's like walking into a big Radio Shack. Gee, they are both in the same plaza.
Went into Staples to buy a phone the other day and was told I could not pay for the phone and activation with cash-credit card only.I walked out.
Box stores slowly disappearing because of on-line shopping. Maybe 0bama will somehow write an EO slowing internet shopping???
Staples is working hard to convert to online stores. I wondered why they send me good coupon cards that are good for online sales only. Sort of like Sears, stuff you buy online and have sent to the store, the store gets nothing but the trouble of helping you load your stuff.
Box stores slowly disappearing because of on-line shopping.”
We started buying all our office supplies online over a year ago. Number and quantity of items we purchase has decreased but costs have increased. Lot easier to have them delivered instead of having to schlep cases of paper and on-line prices are often better for those of us who watch for coupons and specials. Free delivery makes shopping by this means more attractive and also eliminates the need to hassle with all the traffic in Houston.
I pretty much shop Amazon and other sites for things I’d have to drive all over town to get. WalMart offers free shipping now.
What were they wanting you to pay it with?
Went to an Office Depot in California about 5 years ago. All the employees were wired-up, like Secret Service agents. Gave me the creeps...last time I shopped there.
Credit card only.
I’m sure that was so Uncle Sam could keep track of who was buying phones. They need a way to track us.
Fed Ex / Kinkos is making money. They are always busy. Related business.
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