Business & Tech
Staples to Close Dozens of Stores
The company, which has a store at Patriot Place in Foxborough, said the move could boost revenue.
Staples, which has a store at Patriot Place in Foxborough, will close 30 of its North American stores to try and boost revenue.
The company, headquartered in Framingham, didn't say which stores would be shuttered. It employs 88,000 workers worldwide.
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.
The Sept. 25 announcement led to a 4 percent drop in Staples' shares, according to NBCNews.com.
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