STEVE INSKEEP, HOST:
NPR's business news opens with a closure.
Office Depot announced today it is shutting down 400 stores across the United States. That is more than one-third of Office Depots domestic locations. The company posted a loss for the first quarter and is making the move in hopes of turning a profit by next year.
Now, Office Depot recently merged with Office Max, and says the closures will also reduce some overlap between those two store chains.
The rival of Office Depot, Staples, also announced recently it will close up to 12 percent of its stores in North America, as more business moves online. Transcript provided by NPR, Copyright NPR.