Staples closing southeast Cedar Rapids store Sept. 10
Store in southwest Cedar Rapids to remain open
George C. Ford
Staples, the nation’s largest office supplies retailer, will close its store at 4601 First Ave. SE in Cedar Rapids on Sept. 10.
The 20,000-square-foot anchor store in Marketplace on 1st opened in late 2007. Staples in March said it plans to close 50 of its 1,607 North American stores this year.
“We continually evaluate our store performance to ensure we’re operating the business in the best way,” said Kaitlyn Reardon, corporate communications specialist for Staples. “As customers shift online, we are taking aggressive action to right-size our retail footprint.”
It still will operate Corridor stores at 2431 Wiley Blvd. SW in Cedar Rapids and 820 S. Riverside Dr. in Iowa City.
Staples also operates stores in Ames, Altoona, Ankeny, Burlington, Davenport, Des Moines, Dubuque, Mason City, Waterloo and West Des Moines. The company closed a store in Spencer in August 2015.
Staples’s sales fell a slightly steeper-than-expected 3.7 percent in the second quarter, and the company said it expected sales to also decline in the current quarter.
Framingham, Mass.-based Staples on Wednesday said total sales fell to $4.75 billion in the second quarter that ended on July 30, from $4.94 billion a year earlier. Analysts on average had expected sales of $4.77 billion, according to Thomson Reuters.
Staples reported a net loss of $766 million, or $1.18 per share, compared with a profit of $36 million, or 6 cents per share, a year earlier.
Staples has been responding to intense competition by closing stores and focusing on serving medium-sized businesses rather than Fortune 500 companies. It closed a total of 242 stores in 2014 and 2015 as a part of its restructuring plan.
Staples tried to buy Office Depot, but the deal fell apart over antitrust due to antitrust concerns. Staples and Office Depot are struggling to compete with Wal-Mart Stores and Amazon.com, among others, at a time when people are using less stationery and other paper products.
Reuters contributed to this story.