Office supply giant Office Depot Inc. plans to close at least 400 stores in the U.S. following the purchase of rival OfficeMax last year.
The Boca Raton, Fla., company said 150 locations are scheduled to close this year, with the rest closing by the end of 2016. The reduced footprint should save at least $75 million a year.
"The overlapping retail footprint resulting from the merger provides us with a unique opportunity to consolidate and optimize our store portfolio," said Roland Smith, Office Depot chief executive, in a statement. He said improving the chain's store footprint was a critical priority for the year.
The company, which currently operates about...