SHOPPERS have flocked to seize the final bargains and bid farewell to a cornerstone shopping chain that announces it will close soon.
Office Depot is shuttering in Hyde Park, Illinois, on November 11.
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The office supply store’s front door is covered with final sale signs, marking some 40-percent-off deals.
“We’ll wind down operations at this location,” the location’s interim manager told the Hyde Park Herald.
“We’re seeing a lot of people buying to stock up, just to avoid additional trips.”
The manager said the store has been in operation for “quite a while,” and a decision to close surprised customers and employees.
“The news is obviously kind of a shock to everyone,” he said.
“Hyde Park customers [believe the area] is really underserved.”
A spokesperson for Office Depot told the publication that the closure is part of the brand’s plan to “optimize its retail footprint.”
Office Depot has continuously shifted toward a digital footprint and has beefed up its IT support as it prepares for a new era of tech sales.
NATIONAL SHIFT
Office Depot said it aimed to cut around 13,100 jobs and shut down dozens of stores in 2020, according to Reuters.
The plans aimed to save around $860million by this year and turn the company’s focus to digital sales.
Office Depot shut down 73 store locations in 2022 as it whittled its retail footprint.
More than 250 stores shuttered since the 2020 announcement.
“It is anticipated that additional retail stores will be closed in 2023 and 2024, however, it is generally understood that closures will approximate the store’s lease termination date,” the company wrote in a filing this year.
CLOSING TREND
Office Depot rivals have rushed to shutter store locations as tech and office brands move to an increasingly digital model.
Staples has shuttered more than 200 stores nationwide since 2020, citing the brand’s increasing website traffic.
Best Buy, another retailer offering IT solutions, shuttered 22 locations this year.
“We want to ensure we maintain a leading position in an increasingly digital age and evolving retail landscape,” CEO Corie Barrie said while announcing 20 to 30 stores were set to close.
“This means our portfolio of stores needs to provide customers with differentiated experiences and multichannel fulfillment.”
The U.S. Sun reports on other store closures – here is a discount brand shuttering stores.
Also, a children’s retailer is shutting down 100 stores.
