Staples about to close 70 stores across North America due to poor brick-and-mortar earnings

Same-store sales in the region declined 7% during the Q4, according to the Framingham. Earnings came in at USD 25 cents a share in the period, excluding some items. That was a penny less than analysts estimated.

The store-closing move, which follows the elimination of 48 locations in 2016, will affect about 5% of stores in North America. Staples had 1,255 locations in the US and 304 in Canada at the end of the last fiscal year.

Staples is also planning to shift away from traditional brick-and-mortar retail. The company is looking to sell more business services and connect with customers online. Staples also offloaded its retail business in the UK last Q.

The results sent Staples down as much as 6.8% to USD 8.35 in New York, the biggest intraday decline since 17 August 2016.