Staples  (SPLS) announced that it will be closing 70 stores this year. For the quarter ending Jan. 28, the office supply retailer reported sales of $4.6 billion, down 3% year over year. The scene during the fourth quarter wasn't too bright for Staples' former merger partner Office Depot (ODP) , either. Office Depot, which closed 123 stores last year in a bid to cut costs, expects to shutter 75 more in 2017.

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This article was written by a staff member of TheStreet.