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Staples to Close Dozens of Stores

The company, which has a store in Reading, said the move could boost revenue.

Staples, which has a store in Reading, will close 30 of its North American stores to try and boost revenue.

The company, headquartered in Framingham, Mass., didn't say which stores would be shuttered. It employs 88,000 workers worldwide, including some in Newington at the Crossings at Fox Run store.

In a news release, Staples said it wants to concentrate on its online retail operation. Staples is the largest office supplier in the United States. It's also the second-largest online retailer; Amazon is No. 1.

“We are focusing on our biggest opportunities, aligning our organization to address the needs of our customers, and reducing exposure to our weakest businesses,” said Ron Sargent, Staples’ CEO, in a statement. “This puts us in a much stronger position to drive long-term sales and earnings growth.”

Staples said it will also reduce the size of some of its North American stores, close 45 stores and offices in Europe, and shake up its leadership team.

Staples experienced a 5.5 percent decrease in sales during its most recent quarter, according to the Los Angeles Times.

The announcement led to a 4 percent drop in Staples' shares, according to NBCNews.com.

Nancy Docktor October 03, 2012 at 12:08 AM
Wasn't this one of Mitt's success stories? Funny but I think they held off and distanced themselves from announcing this til way after the Aug GOP convention. My theory is that Mitt won't release his past tax returns 'cause they potentially show years of business failure...not something you want people to see if you are running on your business expertise. Just a thought...
john nowosacki October 03, 2012 at 11:36 AM
Actually, this was indeed one of Mitt's success stories of years ago when he helped save the company. It's Obama's mismanagement of the economy in the last 6 years (two in the senate, which the Democrats took over in 2006, and the 4 years since) that have now hurt this and almost every other company in the US. That is why Obama and the rest of the radical left wingers who don't understand or believe in Capitalism have to go this November or you will keep hearing stories like this.
Common Sense October 03, 2012 at 08:30 PM
Nancy, you're right that Mitt and Bain Capital tout Staples as a success story. John, you're incorrect in your assertion that Mitt/Bain Capital saved Staples. Mitt/Bain do invested in the idea of Staples. What Mitt/Bain Capital did at Staples was to centralize many of the management functions in the company, and at the same time create a one-stop computer, stationery, office supply chain. Staples followed the Walmart type model of business, which is to offer low wages to workers in turn for lower priced products. John, I agree that Capitalism played a large role in the success of Staples, however, not every business in our country can follow a similar model.
Karen Burke October 03, 2012 at 09:12 PM
Ms. Docktor questions the success of Staples, one of the companies that Bain Capital helped to establish, because Staples is now experiencing economic difficulties. Mr. Romney left Bain no later than 2002 (he became the Governor of the Commonwealth in January 2003) and a lot can change in a business, in its environment, and in government policy in 10 years. By the same token, many supporters of President Obama feel that he is not responsible for what has happened in the past 3 1/2 years when he has been in charge. If Staples really wanted to help Mr. Romney, they would have held this news for 5 more weeks, as President Obama has "encouraged" the defense industry to do regarding their possible layoffs. (See http://money.cnn.com/2012/09/28/news/economy/spending-cuts-fiscal-cliff/index.html) It would be nice to have a consistent yardstick for measuring responsibility.

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