Staples to Shutter 225 Stores to Correct Slide
Staples Inc. (SPLS), is the largest retail supplier of office materials in the United States. So you’d think with the economy regaining momentum, it too would benefit. And you’d be wrong. SPLS is hemorrhaging customers, as the company flocks to mass-market chains and e-tailers. The company’s lower-than-expected Q4 results, combined with its admission that current-quarter sales are lagging, were enough to send shares tumbling 9 percent this morning. To combat customer attrition, and hopefully stop the bleeding, SPLS said it would be closing 225 of its 1,846 stores in North America by 2015. If you’re a shareholder, you may want to use your portfolio’s Staples-remover today.