Staples closing 70 stores

Marco Green
March 11, 2017

In a review of their 2016 performance, the office supply retailer announced it would close 70 stores but did not specify and locations or offer a timetable.

With sales falling by 7 percent over the last quarter of 2016, Staples announced it's closing another 70 stores.

In the lower- and mid-Hudson Valley, there are more than a dozen Staples stores, including Kingston, Middletown, Elmsford, Scarsdale, Port Chester, Yonkers, Larchmont, Mount Vernon, West Nyack, Mount Kisco, Nanuet and two in Poughkeepsie.

The company closed 13 stores during the fourth quarter of 2016 and 48 stores for the full year in North America and ended the year with 1,255 stores in the USA and 304 stores in Canada.

Attempts to merge Staples with Office Depot, a rival company, were stymied by the Federal Trade Commission a year ago.

As a solution to its niggling revenue generation issues, Staples tried to merge with its biggest competitor Office Depot, but unfortunately that deal was rejected by the Federal Trade Commission (FTC).

A list of stores to close has not been released by Staples.

Of Staples' 1,558 locations in North America, 1,255 are in the United States.

The sound of slamming doors continues as apparel and home furnishings retailer J.C. Penney Co. and business products giant Staples Inc. announced that they will soon be closing stores.

However, Staples CEO Shira Goodman reassured investors that the company is on the verge of a significant turn around.

Staples says it has more than 79,000 employees worldwide.

In 2017, Staples has an expectation of non-GAAP earnings of 15 cents to 18 cents per share, including a free cash flow of minimum $500 million, down from $679 million in 2016.

At this time, there is no word on the future of the Emporia store or any others.

Other reports by Click Lancashire

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