Staples is shutting down 225 stores

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Staples has announced that they are shutting down 225 stores by 2015, which is around 10% of their worldwide presence. Staples made the announcement during their Q4 and full-year earnings.

The full year sales for Staples is $23.1 billion for 2013 and around $11.5 billion of that amount was from online sales. Staples sells around 500,000 products online compared to 100,000 a year ago.

The overall sales at Staples were down 13% for the quarter and 5.2% for the full year. This was largely due to 46 stores that closed down in 2013.

Other retail giants that announced stores would be shutting down include Sony and Radio Shack. Radio Shack is shutting down 1,100 stores.

“A year ago, we announced a plan to fundamentally reinvent our company,” stated Ron Sargent, Staples’ chairman and CEO. “With nearly half of our sales generated online today, we’re meeting the changing needs of business customers and taking aggressive action to reduce costs and improve efficiency.”

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