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Strategies & Market Trends : Commercial Real Estate tic.............tic,,,
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From: Smiling Bob12/10/2008 10:14:02 AM
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Office Depot will close 112 stores
Wednesday December 10, 9:27 am ET
Office Depot to close 112 underperforming stores in 3 months in cost-saving move

BOCA RATON, Fla. (AP) -- Office Depot Inc. will close about 9 percent of its North American stores over the next three months and open fewer locations next year in an effort to cut costs, the office supply chain said Wednesday.

The plan to shutter 112 stores will reduce the chain's base to 1,163. It plans to close 45 stores in the Central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South.

Office Depot also will close six of its 33 North American distribution facilities.

Meanwhile, the Delray Beach, Fla.-based company said it plans to shut another 14 stores next year while opening just 20 new sites, half of what it planned.

Office Depot will take related charges of $270 million to $300 million in 2008 and 2009.

The struggling retailer considered store closings in October, when it reported a third-quarter loss due to slumping sales as consumers and small businesses cut back spending.

Office Depot shares, which have tumbled more than 82 percent since the beginning of the year, were unchanged in pre-market trading Wednesday at $2.43.
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