Office Depot to close 400 U.S. stores

Office Depot Inc. has announced that it will be closing at least 400 stores nationwide.

The Associated Press reported that the company’s merger with its rival OfficeMax last year has resulted in an overlap of retail locations that can be consolidated.

"The overlapping retail footprint resulting from the merger provides us with a unique opportunity to consolidate and optimize our store portfolio, while maintaining the retail presence necessary to serve our customers," Chairman and CEO Roland Smith said in a statement.

CNN noted the company said that 150 of the stores will be closed by the end of this year and the remaining locations closing would occur by 2016.

The office product retailer operates over 1,900 stores in the U.S. The number of closings mean it will drop over 20 percent of them.

The company, headquartered in Boca Raton, Florida, was founded in 1986 and since then has become the leading global provider of office related supplies, services, and solutions.