Your neighborhood Office Depot might not be around for much longer.
The Florida-based office supply chain says it’s going to close an additional 300 locations over the next three years, though it’s not clear which locations will be cut.
Office Depot plans to close hundreds of stores
This is all part of a $250 million “cost savings program” just announced by the retailer.
Office Depot, which called off its merger with Staples earlier this year, has already been closing stores left and right – 400 since 2014.
Now, the company has a total of 1,513 remaining locations in North America.
While announcing the new round of closures, Office Depot says it’s expanding a “store of the future” format that has tested well. The smaller, modern spaces will offer a “curated assortment of products and expanded services.”
Office Depot says there will be 24 of these new locations by the end of the year, and they plan to add 100 more in 2017.
— Kevin Moffitt (@kevinmoffitt) April 28, 2016
Office Depot says it expects sales to be down this year compared to 2015, due in part to previous store closures.