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Office Depot 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.
Shares of Office Depot rose sharply in premarket trading. (Click here for the latest quote.)