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Staples to Close 70 Stores This Year

Office supply retailer Staples announced that they will be closing 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 ODP CORPORATION Report , either. Office Depot, which closed 123 stores last year in a bid to cut costs, expects to shutter 75 more in 2017.

Read More: Staples and Office Depot Are Being Ripped to Shreds by Amazon and the Internet

This article was written by a staff member of TheStreet.

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