Office Depot to Close 27 Stores
Delray Beach, Fla., Office Depot on Monday said it is closing 16 stores in North America and 11 abroad (along with a warehouse) as part of a larger restructuring that will cost $82.2 million. The chain also is eliminating its Viking brand in the United States. The brand will continue in Europe, where it has a larger following.
The company did not provide the locations of the stores to be shuttered, saying it needs time to notify affected employees and landlords. The closures “follow a review of current performance, as well as an assessment of likely future performance,” Office Depot said in a regulatory filing. The company said it also plans to further integrate and combine European operations and has eliminated certain management and “functional positions” as part of the restructuring.