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Office Depot to close stores, cut expenses

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Look for Office Depot to close at least 400 stores in the U.S. in the next two years with about 150 of those closings happening in the last quarter of 2014.

Reasons include increased use of online ordering and competition from drugstores.

Total reported sales for the first quarter of 2014 were $4.4 billion, including Office Max, with an operating loss of compared. Sales were $2.7 billion in the first quarter of 2013 but those did not include the partner brand.

In a statement released May 6, the office supply chain's CEO, Robert Smith said the year got off to a "weather-challenged" start but "sales trends improved."

Office Depot has more than 60,000 employees in 58 countries.

In California, the City of Cupertino was one of four cities in the nation to receive an Office Depot Green Business Challenge Grant.

In the challenge which started in 2008, local governments host a friendly competition among local businesses to measurably reduce their energy, water waste, and carbon footprint, and switch to environmentally preferable products.

Click here for full release and investor details.

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