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Office Depot Maintains New Store Plans

BOCA RATON, FL-The retailer commits to 15 openings this year despite dismal Q4 results.

By Carl Cronan | Updated on February 25, 2009

(Carl Cronan is editor of Real Estate Florida.)

BOCA RATON, FL-Locally based Office Depot Inc. plans to open 15 new stores this year despite posting dismal financial results for the last quarter and all of 2008. The nation’s second-largest retailer of office supplies also plans to close 118 stores while pursuing sale-leasebacks of some locations it owns.

“We would prefer not to open new stores this year, but we have lease commitments which were pushed out from 2008 that require us to open within a set period of time,” Chuck Rubin, president of North American retail, told analysts during a conference call earlier this week. “We will continue to work to reduce the number of new store openings.”

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