Staples to close 70 more stores

CNN reports:

More store closings are coming to Staples.

On Thursday, the office supply store reported a $548 million loss and a 3% drop in sales in the fiscal fourth quarter that ended in January.

Those results prompted Staples to say it would close 70 more stores, or 4.5% of its 1,600 remaining locations, during the current fiscal year. It closed 48 stores last year and has shuttered about 350 stores over the last five years.

The retailer tried to merge with rival Office Depot, but that deal was blocked by the Federal Trade Commission a year ago.

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