Office Depot, one of two Fortune 500 companies headquartered in Palm Beach County, continues to cut back.
The retailer’s revenues shrank to $10.2 billion in 2017, down 7 percent from 2016, the company said Wednesday in its annual report.
And its U.S. store count fell to 1,378, a 4 percent decline. Office Depot says it ran 151 stores in Florida at the end of 2017, up from 145 stores in 2016, reflecting the acquisition of CompuCom.
Boca Raton-based Office Depot (NYSE: ODP) has been struggling for years as demand for paper and pencils dwindles and as Amazon creates new competition.
In a call with analysts Wednesday morning, Office Depot Chief Executive Gerry Smith played up the retailer’s new “BizBox” concept. The flagship location is a 23,000-square-foot store in Austin, Texas. It includes a furniture showroom and a Dell “store within a store,” Smith said.
Smith said Office Depot also will roll out a BizBox store in Silicon Valley.
The company tried to merge with larger rival Staples, but federal trust busters nixed the deal twice -- once in the 1990s and again in 2016.