Office Depot axes 400 U.S. stores

BOCA RATON, Fla. — Office Depot, which posted better-than-expected Q1 earnings, has announced plans to fold 400 locations in the United States over the next two years, as part of consolidation efforts in the wake of acquiring OfficeMax. The stock market rewarded the news with increases of up to 20% on Office Depot shares. CEO Roland Smith said the closures will become profitable beginning in 2015. Office Depot and competitors like Staples have struggled to defend market share from e-retailers and mass operations, according to Reuters.