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Staples to Shut 225 Stores as Online Competition Hurts Sales


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#1 Zinix

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Posted 06 March 2014 - 02:21 PM

 

Staples Inc. (SPLS:US), the largest U.S. office-supplies chain, will close as many as 12 percent of its North American stores and cut as much as $500 million in costs as online competition continues to hurt sales. The shares fell.

The annual pretax savings, which the company expects to achieve by the end of 2015, will come from areas including the supply chain, sales force, marketing and information-technology services, in addition to the store closings, the Framingham, Massachusetts-based company said in a statement today.

The retailer is facing increased threats from Internet-based rivals such as Amazon.com Inc., a challenge that spurred Office Depot Inc. to merge with OfficeMax Inc. last year. Staples said sales in its fiscal first quarter will fall from a year earlier, the fifth straight quarterly decline, and profit will be as much as 22 cents a share, trailing analysts’ 27-cent average estimate.

STORY: Staples is Shrinking, Radio Shack is Sinking
Staples’ sales slowdown “reflects both tough industry conditions and underperformance” by the chain, Denise Chai, an analyst with Bank of America Corp. in New York, wrote in a note to clients today. She has the equivalent of a sell rating on the shares.

The shares fell 15 percent to $11.35 at the close in New York for the biggest one-day decline since May 18, 2011. The stock has slid 29 percent this year, compared with a 1.6 percent gain for the Standard & Poor’s 500 Index.

Store Closings

Staples shuttered 42 stores in North America last year, ending 2013 with 1,846 in the region. The plan announced today calls for as many as 225 closings. Kirk Saville, a spokesman for Staples, didn’t immediately respond to voice mails and an e-mail seeking comment on how many jobs will be eliminated by the cost-cutting plan.

STORY: Why Angry Postal Workers Should Buy Staples Stock
“With nearly half of our sales generated online today, we’re meeting the changing needs of business customers and taking aggressive action to reduce costs and improve efficiency,” Chief Executive Officer Ron Sargent said in the statement.

Fourth-quarter sales at stores open at least a year fell 7 percent, while sales from Staples.com gained 10 percent, the company said today.

Staples joins a broad swath of retailers shutting stores amid sluggish U.S. sales. Kids-clothes seller Children’s Place Retail Stores Inc. (PLCE:US) said today it would close 125 stores through 2016, including 41 locations it shut last year, while forecasting profit this year that trailed analysts’ estimates.

 

http://www.businessw...-by-500-million

 

 

Goodbye Staples. We'll miss you. They closed the one near me a  year ago. Wasn't making a profit. 


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#2 xile6

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Posted 06 March 2014 - 03:09 PM

yayyyyyyy.

lol...

i just know i clean up when compUSA went out.

I know right now i dont go to staples to much. There just to high and dont really have everything i need.


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#3 TheDoctor_13

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Posted 06 March 2014 - 05:01 PM

Stores are closing (Blockbuster, Staples, RadioShack, Sony stores, Gamefreak :( ), Game studios are closing. This world.

 

I never really shopped at Staples though, but sad never the less.


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#4 Soul

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Posted 06 March 2014 - 08:49 PM

my dad will lose his job because of this :(

 

no more free computers :(



#5 grahamf

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Posted 06 March 2014 - 09:14 PM

Stores are closing (Blockbuster, Staples, RadioShack, Sony stores, Gamefreak :( ), Game studios are closing. This world.

 

I never really shopped at Staples though, but sad never the less.

I once almost bought banker boxes from Staples, but they were half price at Costco.


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