CHICAGO - Not only is the merger of OfficeMax and Office Depot sending Illinois jobs overseas, Office Depot announced Tuesday it would close over 20 percent of its existing stores. Last year, OfficeMax closed its headquarters in Chicago's western suburbs.
Office Depot Inc (ODP) raised its forecast for full-year adjusted operating income and said it would close at least 400 stores in the United States over two years, sending the office supply retailer's shares up about 10 percent before the bell.
The company, which also reported better-than-expected quarterly results due to cost-cutting, said it would shut 150 stores this year.
The store closures are a part of the company's plan to consolidate operations after the acquisition of OfficeMax in November, Chief Executive Roland Smith said in a statement.
Office Depot had 1,900 U.S. stores as of March 29.