Office Depot says to close 112 stores

the next three months

HIGHLIGHTS

* Announces update of strategic review

* Says 14 stores will be closed through 2009 as their leases expire or other

lease arrangements are finalized

* Says to reduce North American store base to 1,163

* Says plans to close six of its 33 distribution facilities in North America

* Says new store openings for 2009 now have been reduced to approximately 20,

down from the previous estimate of 40 stores

* Sees charges totaling in a range from $270 million to $300 million in Q4

* Says closings will facilitate a reduction in total co capital spending in

2009 to less than $200 million

* Says further actions contemplated, expected to result in additional charges

to be recognized in Q4 2008 and into 2009