Staples announced that they will be closing 70 stores this year. The closure was due to the office supplies company’s failing sales. According to the Associated Press, they gave up 19 cents to $8.77 in stock during the morning trade. It was reported that in their first fiscal quarter, Staples lost $540 million, which is about a 3 percent drop in sales. In 2016, Staples had to close 48 of their stores.