Staples (NASDAQ:SPLS) announced it will close 140 stores this year as part of a turnaround plan announced earlier this year. The company reported an underperforming second quarter in which net income dropped 20 percent to $82 million.
To keep up with Web-based rivals, Staples outlined plans in March to close as many as 225 North American stores through 2015 and to reduce costs by as much as $500 million reported Bloomberg.
According to the company’s quarterly reports, sales fell 2 percent in Q2, down to $5.2 billion. The total sales growth was negatively impacted by foreign exchange rates and store closures in North America over the past year.
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By Jarrett Neil Ridlinghafer
Founder & CEO/CTO Synapsesynergygroup.com
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