Rattled Retail

Today, another gloomy story about Office Depot is announced.  According to Bloomberg, Office Depot, Inc said it will close almost 10 percent of its North American stores and cut 2,200 jobs or 4.5 % of its workforce as the demand for business furniture has fallen during the US recession. On the bright-side, shares jumped 11 % on the news.

Office Depot currently operates 1275 stores in North America and this number will be reduced to 1163. New store openings next year will be limited to 20 stores, which will reduce capital spending and increase cash flows by $70 million.

For more information on the story, click here.

If you are looking to buy, sell or lease commercial property, please contact Neil T. Dailey of McGraw Commercial Properties for expert advice on your next transaction. Neil can be reached at 918-853-7337.