NEW YORK (CNNMoney)
The store closings will come to about 12% of its stores in North America. The closings build upon the 40 stores it closed in the region in 2013. Staples said it is aiming to save $500 million annually through the closings and other cost cutting measures.
The announcement comes two days after electronics retailer Radio Shack (RSH) announced plans to close up to 1,100 stores, or about 20% of its locations.
Staples also reported that lower sales and earnings in its most recent quarter that ended Feb. 1., a period that included the holiday shopping period. And it warned that sales and earnings would be lower again in the current quarter, missing forecasts of analysts.
Shares of Staples (SPLS, Fortune 500) tumbled 7% in premarket trading.
First Published: March 6, 2014: 7:00 AM ET
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