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Financial News Network
September 26, 2012 AT 11:49 PM
Staples (NASDAQ:SPLS) announcing a slew of store closures to begin a new strategic business plan. The office products company announced it will be speeding up 15 closures in the U.S. and plans on closing 45 stores and some delivery businesses in Europe.Staples says the plans will help promote growth as well as heighten the customer experience. The company expects the closures could result in charges of $145 million to $195 million by the end of fiscal 2012.Currently, Staples stock is falling on this news. Shares of the company are trading over 2 percent lower to $12.04.