Fans of shopping to save money at Staples are going to be very unhappy to hear that 140 stores are going to close this year. This store is a great place to pick up deals and save money, but you might have to drive further or order online to do that before long. On Wednesday, MSN shared the news about this big decision.
A lot of their problem is online shopping. People would rather order from a store such as Amazon and have it shipped to their house. They can check out reviews a head of time and pick out what they want instead of going to the store. This has hurt sales for Staples and is part of the reason they are going to close so many stores. Their revenue and stock have both been going down a lot recently.
Chief Executive Officer Ron Sargent spoke out saying, "We have more work to do to stabilize our retail business, and we’re taking action to improve customer traffic, reduce expenses and close underperforming stores." At this time, they have not revealed exactly which stores will be closing down but this information should start to be revealed soon.