Staples to Close 225 Stores, Trim $500 Million in Costs

Staples will close 225 stores in North America by the middle of next year as the office supply retailer tries to trim costs in the face of weaker sales.

The closings will come to about 12 percent of its stores in North America. The closings build upon the 40 stores it closed in the region in 2013. Staples said it is aiming to save $500 million annually through the closings and other cost cutting measures.

The announcement comes two days after electronics retailer Radio Shack announced plans to close up to 1,100 stores, or about 20 percent of its locations.