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Office Depot Plans to Close 70 Stores.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, January, 2001 by DeGross, Renee
Jan. 4--Office Depot is closing dozens of U.S. stores as the chain pulls back after a dreary holiday season for retailers coupled with an oversaturated office supply market.
The nation's biggest office supply retailer is closing 70 stores in North America --- though none in metro Atlanta or Georgia --- and will cut 1,590 jobs.
Warehouses in Baltimore and metro Atlanta will close and relocate within those markets as the chain revamps its inventory tracking system.
Office Depot earnings for the year will miss estimates, and the company expects slower growth over the next year with 50 new locations.
"There is a softness in the retail environment," said Bruce Nelson, chief executive officer of Office Depot, during a conference call on...
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