by Calculated Risk on 12/10/2008 09:16:00 AM

Press Release: Office Depot Announces Update of Strategic Review (hat tip Joshua)

The Company plans to close 112 underperforming retail stores in North America over the next three months, reducing the North American store base to 1,163. ... Additionally, 14 stores will be closed through 2009 as their leases expire or other lease arrangements are finalized.

New store openings for 2009 now have been reduced to approximately 20, down from the previous estimate of 40 stores. This will facilitate a reduction in total Company capital spending in 2009 to less than $200 million ...

Office Depot also plans to close six of its 33 distribution facilities in North America.

More bad news for retail space, and another company reducing capital spending plans ...