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Office Depot to close 400 U.S. stores, posts loss

[May 06, 2014]  (Reuters) — Office Depot Inc <ODP.N> said it would close at least 400 stores in the United States as shoppers shift their office supply purchases to e-retailers, mass market chains and drugstores.

Office Depot, which also reported a quarterly net loss, said it expects to close 150 stores this year.

The total store closures will generate annual run-rate savings of at least $75 million by the end of 2016 and will start adding to profit in 2015, the company said.

Office Depot posted a net loss attributable to common stockholders of $109 million, or 21 cents per share, for the first quarter ended March 29.

(Reporting by Maria Ajit Thomas in Bangalore; Editing by Savio D'Souza)

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