Office Depot Closing Stores Business Is Bad
Office depot has been hit hard by the current economic troubles. Closures are being rolled out now with Office Depot to be closing 112 stores, 33 distribution locations and cutting 2,200 jobs. This figure amounts to about 9% of Office Depot's entire facility figures.
This comes as no large surprise however, with the economic downturn of slack many businesses have been hurt hard. Office Depot is no different with a posted loss of $6.7M, nearly $0.02 a portion, for the third quarter back in October.
This cut is however huge. It is a quite sure sign of not only the strain that Office Depot is currently under but also economic conditions in the US as a whole. It is extremely rare for Christmas to be a time of year when hits come so hard that large national retailers have to end up shop. Traditionally this time of year is actually a expansive boost in business and a closure would be put off until after the holiday season. It is very clear now that US consumers are simply not buying enough non essential products. Office depot closing its doors may just be the first in a long string of closures yet to come.
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Filed under Office Depot by on Apr 5th, 2011. 
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