Staples Inc. is speeding up store closures, shaking up management and boosting its online business as the office-supply chain implements a multiyear plan to cut costs.
The Framingham, Mass.-based company is looking to save $250 million, before taxes, by the end of fiscal year 2015. At that point, Staples said it intends to have shaved down its retail square footage by 15%.
For now, the chain is looking to accelerate the shutdown of 15 U.S. stores. By the end of its fiscal year, Staples said it expects to have 30 net store closures and 30 downsized or relocated stores in North America. The chain will also shutter 45 European locations as well as some of its European delivery businesses.
The company is also hoping to sell its European printing systems branch.
Staples did not divulge where the stores slated for closure are located. Company representatives could not be reached for comment.
The turnaround plan could result in charges up to $1.12 billion, pre-tax, for the company, which is trying to invest more in its Internet and mobile operations and better integrate its retail and online offerings.