Staples to Close Dozens of Stores
The company, which has a store in Middletown, said the move could boost revenue.
Staples will close 30 of its North American stores to try and boost revenue.
The company, headquartered in Framingham, Mass., didn't say which stores would be shuttered. It employs 88,000 workers worldwide.
The closest Staples is on West Main Road in Middletown.
In a news release, Staples said it wants to concentrate on its online retail operation. Staples is the largest office supplier in the United States. It's also the second-largest online retailer; Amazon is No. 1.
“We are focusing on our biggest opportunities, aligning our organization to address the needs of our customers, and reducing exposure to our weakest businesses,” said Ron Sargent, Staples’ CEO, in a statement. “This puts us in a much stronger position to drive long-term sales and earnings growth.”
Staples said it will also reduce the size of some of its North American stores, close 45 stores and offices in Europe, and shake up its leadership team.
Staples experienced a 5.5 percent decrease in sales during its most recent quarter, according to the Los Angeles Times.
Yesterday's announcement led to a 4 percent drop in Staples' shares, according to NBCNews.com.
Wyatt Buchanan
9:39 am on Thursday, September 27, 2012
it’s funny how quickly the Dems said "blame Romney" because of his work at Blain. Hmmmm... 3/12 years of blame Bush and now we are blaming the global recession and store closings on a guy who was not even in office. Sounds desperate and more of the Democrat blame game to me.
The Shill
12:04 pm on Thursday, September 27, 2012
One of Bain's earliest and most notable venture investments was in Staples, Inc.
Good Year
1:42 pm on Thursday, September 27, 2012
More people layed off and collecting benefits from the government. Exactly what the dem's want, more people dependant on the government.
N
10:34 pm on Thursday, September 27, 2012
It is funny how Middletown keeps pumping in these box stores one after another and most of them fail that town just seem like they are run by big corp. quite sad they never think about the mom and pop shops .