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Another Day, Another Retailer Cutting Back

Office Depot Inc. yesterday reported a second-quarter loss as a decline in spending by retail consumers and smaller businesses in the United States hurt sales. It said it would cut store openings this year.

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To cut costs and reduce capital spending, Office Depot said it would scale back store openings and slow remodelling efforts. It plans to open 15 stores in the second half and a total of 66 for this year, down from a previous forecast of 75 stores for 2008. For 2009, it plans 45 new stores.

The company also said it was reducing its North American staff, but didn't disclose numbers.

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