Big Box Watch: Bad business? Blame the economy!

The Nashville Business Journal just posted an article regarding Office Depot and their most recent disastrous financial unveiling. According to the Journal:

Office Depot Inc. on Tuesday reported a loss of $54.7 million, or 20 cents a share, in the first quarter, down from a profit of $68.8 million, or 25 cents a share, a year ago.

Total sales for the Boca Raton, Fla.-based office supply company for the quarter fell 19 percent to $3.2 billion.

The retailer attributed the loss to one-time charges related to its decision to close 107 underperforming stores during the quarter. Office Depot has 1,160 stores as of March 28.

…Company leaders said the battered economy and the resulting dip in demand for office products was a major factor.

“Resulting dip in demand for office products?” I don’t think so, Office Depot. Internet retailers of office products are doing just fine, thanks. Maybe it’s time to admit that the era of the big-box dinosaur is over when it comes to office supplies? Or maybe that the constantly increasing reports of wrongdoing might be having some effect on your business? Just a thought. But you go ahead and blame everyone else, I suppose. I’m sure we’re the crazy ones for not buying from you.

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