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Office Depot to close at least 400 stores

May 6, 2014 10:43:40 AM PDT
Office Depot is planning to close 400 stores in the U.S. after its merger with Office Max created some overlapping locations.

The company did not release the number of jobs that will be affected, but officials said they will attempt to place its best talent wherever possible.

About 150 stores will close this year. All the closures will occur by 2016.

Office Depot had 1,900 stores in the U.S. at the end of the first quarter, which means about 21 percent are expected to close.

Chairman and CEO Roland Smith said in a statement that one of the company's goals this year was to improve how its stores are positioned in North America to meet customer demand better and ensure that it's well positioned in the markets it serves.

"The overlapping retail footprint resulting from the merger provides us with a unique opportunity to consolidate and optimize our store portfolio, while maintaining the retail presence necessary to serve our customer," Smith said.

The Associated Press contributed to this report.

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