Office Depot to close 112 stores

BOCA RATON, Fla. - Office Depot says it will close 112 stores over the next three months and open fewer stores in 2009 in an effort to cut costs.

The office-supply retailer will reduce its store base to 1,163.

In this region, the stores that will close are in Bensalem, Exton, Langhorne, North Wales and Willow Grove, in Pennsylvania; and Delran, Deptford and Cherry Hill in New Jersey.

Office Depot plans a total of 45 closings in the Central United States, 40 in the Northeast and Canada, 19 in the West and eight in the South. Office Depot also will close six of its 33 North American distribution facilities.

In 2009, Office Depot will close 14 stores as their leases expire or other lease arrangements are made, and open just 20 stores, half of what it had planned.

The Delray Beach, Fla.-based company will take related charges of $270 million to $300 million in 2008 and 2009.

The struggling office supply retailer considered store closings in October, when it reported a third-quarter loss due to slumping sales as consumers and small businesses cut back spending.