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Another Day, Another Retailer Cutting Back

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Office Depot Inc. yesterday reported a second-quarter loss as a decline in spending by retail consumers and smaller businesses in the United States hurt sales. It said it would cut store openings this year.

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To cut costs and reduce capital spending, Office Depot said it would scale back store openings and slow remodelling efforts. It plans to open 15 stores in the second half and a total of 66 for this year, down from a previous forecast of 75 stores for 2008. For 2009, it plans 45 new stores.

The company also said it was reducing its North American staff, but didn't disclose numbers.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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