Staples Closing 70 Stores Amid Declining Sales

FRAMINGHAM, MA — Office supply superstore Staples plans to close 70 stores in North America by the end of the year, it announced as part of a 2016 performance report.

The announcement Thursday comes as part of an earnings statement from the Framingham-based Staples that reports that 2016 total company sales decreased three percent to $18.2 billion compared to 2015. Total company comparable sales declined one percent versus the prior year.

“Our fourth quarter results were right in-line with our expectations, and I’m increasingly confident that we have the right plan and the right team to transform Staples and get back to sustainable sales and earnings growth,” said Shira Goodman, Staples’ chief executive officer, in a statement. “I am particularly proud of our ability to grow our delivery business by continuing to enhance our offering and satisfy our business customers.”

Staples tried to merge with competitor Office Depot, but the deal was blocked by the Federal Trade Commission a year ago, reports CNN Money.

Last May, the company announced that it was focusing its efforts on smaller companies that employ 200 employees or less. According to Fortune, Staples added 1,000 to its sales force and is putting a push on its private label.

The company closed 13 stores during the fourth quarter of 2016 and 48 stores for the full year in North America and ended the year with 1,255 stores in the U.S. and 304 stores in Canada.

Staples opened its first store in Brighton, MA, in 1986 by founder Tom Stemberg, who, only ten months earlier, came up with the idea when he couldn't find a replacement typewriter ribbon on a holiday weekend.

The company did not release which stores it plans to close in the report.

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