More bad news for retail as Staples struggles to stay alive. According to this Action News report the company will be closing 70 stores after losing $548 million dollars in the forth quarter.
On Thursday, the office supply store reported a $548 million loss and a 3% drop in sales in the fiscal fourth quarter that ended in January.
Those results prompted Staples to say it would close 70 more stores, or 4.5% of its 1,600 remaining locations, during the current fiscal year. It closed 48 stores last year and has shuttered about 350 stores over the last five years.
The retailer tried to merge with rival Office Depot, but that deal was blocked by the Federal Trade Commission a year ago.
The store closings were partly responsible for the drop in sales, but the company also suffered a 1% sales decline at stores open at least a year.
Traditional brick-and-mortar stores have been under pressure for some time due to greater online competition from online outfits such as Amazon. Hundreds of store closings have been announced so far this year.
If you found this article useful, please consider donating to fund my work.
Thomas Dishaw is an activist and the editor of govtslaves.info. He has written for naturalnews.com and has been the subject of numerous hit pieces published by The Daily Mail, New York Daily News, Forbes and Gawker. Thomas currently resides outside of Philadelphia, PA with his wife and dog. You can support Thomas' work by making a donation below or purchasing some gear from the Gov't Slaves Store. You can reach Thomas via email at email@example.com or follow him on Instagram.