Staples to close 140 stores this year

Framingham, Mass.-based Staples Inc. (Nasdaq: SPLS), the world’s largest office-supply chain, plans to close 140 stores this year amid declining profits and sales, according to Bloomberg.

In the company’s second quarter, its net income fell 20 percent to $82 million, during which time it shuttered 80 North America outlets. It reportedly spent more than $100 million on the second-quarter store closings. In March, the company announced it could close up to 225 North America stores in order to reduce costs by as much as $500 million.

Revenue in the second quarter fell 1.8 percent to $5.22 billion. Staples’ representatives projected third-quarter sales also would decline, though they didn’t quantify the expected drop.

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