Cathy Jett is the business editor at The Free Lance-Star, and specializes in covering the area's retail scene. You can email her at email@example.com.
Office Depot to close some stores
BOCA RATON, Fla.—Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.
The company does not have a list of stores that will be affected yet, but “will share information on our quarterly calls, as appropriate,” according to spokeswoman Karen Denning.
The office supply retailer had 1,900 stores in the U.S. at the end of the first quarter, including one in Central Park shopping center. Plans call for closing about 21 percent of them.
Office Depot and OfficeMax Inc. completed their $1.2 billion deal last November. The closest Office Max to Fredericksburg is in Virginia Center Commons in Glen Allen.
Office Depot said it has not quantified the number of jobs that will be affected by the store closures but that it will look to place its best talent impacted by the store closings into new roles, wherever possible.
Its shares rose more than 8 percent in premarket trading Tuesday.
—Staff and wire reports