Office Depot to close 112 stores

BOCA RATON, Fla. Office Depot announced that it plans to close 112 underperforming retail stores in North America over the next three months, reducing the North American store base to 1,163. The stores to be closed are located in various geographic regions, including 45 in the Central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South.

The company said that it also plans to reduce new store openings for 2009 to approximately 20, down from the previous estimate of 40 stores. According to Office Depot, this will facilitate a reduction in total Company capital spending in 2009 to less than $200 million, significantly lower than projected depreciation and amortization of $275 million.

Office Depot also plans to close six of its 33 distribution facilities in North America.