Staples to Close 70 Stores This Year

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) - Get Report , 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.