One of Massachusetts' most well-known companies is downsizing.
Framingham-based company Staples, the largest U.S. office supplies retailer, announced Thursday that they would close up to 225 stores by 2015.
According to the company, nearly half of their sales are now generated online, soclosing stores will allow a multi-year cost reduction plan that is expected to generate annualized pretax cost savings of about $500 million by 2015, according to Reuters.
For the full year 2013, North American Stores and Online achieved sales of $11.1 billion, a decrease of 6.1 percent compared to 2012.Revenue at the company's international division fell 13 percent, hurt by weakness in Europe and Australia.
The company currently operates 1,515 stores in the United States and 331 stores in Canada.
The closures are expected to take place this fall.
Staples isn't the only office supply company suffering right now. Office Depot, a competitor of Staples, said they expect their sales to continue to fall throughout 2014.
To read the company's full statement on their 2013 performance, click here.
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