Real Estate News

Office Depot to close 90 stores

Boca Raton-based Office Depot announced this week it would close 90 more stores as it shifts its focus to business-to-business transactions.

In its latest earnings announcement covering the third quarter of 2019, the office supplies retailer also said it had closed an additional 55 stores in the past 12 months. Two of those were in Broward County.

The locations of the new store closures were not announced. Representatives for the company did not immediately respond to additional request for comment.

Office Depot also owns Office Max, which was acquired in 2013. Office Max outlets will be included among the closures, the company said. The average store footprint is about 22,000 square feet.

There are approximately three-dozen Office Depot stores in Miami-Dade, Broward, and Palm Beach counties. Current nationwide store count stands at more than 1,300.

After hitting a high of nearly $44 in 2006, Office Depot’s share price has sunk to about $2.50. The company remains worth more than $1 billion based on number of shares floated.

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Rob Wile covers business, tech, and the economy in South Florida. He is a graduate of Northwestern’s Medill School of Journalism and Columbia University. He grew up in Chicago.