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Office Depot Inc.
Staples to close up to 225 stores; February retail sales mixed
Staples to close up to 225 stores; February retail sales mixed

Office supply giant Staples Inc. is planning to close as many as 225 North American stores while slashing annualized costs by up to $500 million by the end of 2015. The Framingham, Mass., company, which has been pressured by online competitors such as Amazon.com and is threatened by the merging of Office Depot and Office Max, also said Thursday that sales for the fourth quarter ended Feb. 1 slumped 10.6% to $5.9 billion. The retailer projected that its first-quarter sales would also slide year over year, marking the fifth straight drop for the measure. The company’s stock sank 16.3%, or $2.18, to $11.22 a share in morning trading in New York. Staples has 1,846 stores in North...

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