The Office Depot store in Woodbury will be among 112 in North America to close in the next three months in an effort to reduce costs, the company said Wednesday.
Company spokeswoman Melissa Perlman couldn't say how many people work at the store, at Valley Creek Plaza near Interstate 494 and Valley Creek Road, but Office Depot stores typically employ about 20, she said.
The company, based in Delray Beach, Fla., said it will cut 2,200 jobs as a result of the 112 closings, which represent about 9 percent of Office Depot's stores and will reduce the chain's base to 1,163.
Office Depot, which began the year with about 49,000 workers, also will close six of its 33 North American distribution facilities. Next year, it plans to shut another 14 stores while opening just 20 new sites, half of what it planned.
Analysts said the move was needed and will likely give the company a much-needed short-term financial boost. But they said they doubted the effort would be enough to fix the company's financial condition.
"It's not enough to really close the gap and make a meaningful impact compared to Staples and the mass merchant competitors," said Morningstar analyst R.J. Hottovy. "But it's probably a Band-Aid on a flesh wound."
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