Office Depot stock rises 6% after 300 store closures announced

Office Depot's stock rose nearly 6 percent, or 19 cents a share, on Wednesday, as the company laid out changes that include more store closings and plans to capture more revenue and boost profitability. The stock closed at $3.48 a share.

Earlier in the day, the Boca Raton office supply retailer revealed its plans to close 300 more stores nationwide over three years, part of a $250 million cost-savings program.

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This story was originally published August 3, 2016 at 8:47 PM with the headline "Office Depot stock rises 6% after 300 store closures announced."