Staples closing up to 225 stores

FRAMINGHAM, Mass., March 6 (UPI) -- Office supplies chain Staples announced it plans to start closing up to 225 stores across North America due to an expected first-quarter sales decline.

About 12 percent of the retailer's stores will close by the end of 2015, saving the company about $500 million annually.

Already some 40 stores closed in 2013.

Staples issued a statement Thursday saying the savings would come from the store closures and other measures, including "labor optimization, non-product related costs, IT hardware and services, marketing, sales force and customer service."

[Business Week] [CNN]