Staples Reports $548 Million Loss; Plans To Close 70 Stores

FRAMINGHAM – Staples announced this morning, March 9, a $548 million loss in the fiscal fourth quarter that ended in January.

The Framingham-based office supply chain also announced it would close 70 stores this year, after fourth quarter sales dropped by 3 percent.

 

The 70 stores represent about 4.5 percent of the company’s 1,600 locations.

Staples closed 48 stores in 2016.

“I’m increasingly confident that we have the right plan and the right team to transform Staples and get back to sustainable sales and earnings growth,” said Shira Goodman, Staples’ Chief Executive Officer, in a statement. “I am particularly proud of our ability to grow our delivery business by continuing to enhance our offering and satisfy our business customers.”

Framingham Source Editor Susan Petroni

Susan Petroni Framingham Source Editor Email: editor@FraminghamSource.com Phone: 508-315-7176

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