Never Mind Twitter, Office Depot is Up 16%


Office Depot become Wall Street’s darling on Tuesday after the chain announced it plans to close 400 stores by the end of 2016.

The retailer’s stock price rose as much as 20% on the news and ended the day up 15.8%. The closures come after Office Depot took over former rival OfficeMax last October. At the time, the new Office Depot had 2,200 stores. The company ended 2013 with 1,900 retail stores, of which 1,082 were Office Depots and 818 were OfficeMax-branded locations. Office Depot plans to close 150 stores this year. The company also revised its estimates for full-year adjusted operating income and beat earnings estimates in its first quarter. …

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Via: Mashable: Business

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