Office Depot Inc. will close about 9 percent of its North American stores and cut 2,200 jobs over the next three months while planning to open fewer locations next year in an effort to cut costs.
Shares of the office supply chain rose more than 12 percent after Wednesday's announcement.
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, which began the year with about 49,000 workers, 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.
Shares of the office supply chain rose more than 12 percent after Wednesday's announcement.
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, which began the year with about 49,000 workers, 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.
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