(Reuters) - Office Depot said on Wednesday the company plans to close 112 underperforming retail stores in North America over
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
