Briefs

Staples announced on Sept. 25 that it plans to close 45 locations in Europe and accelerate the closing of 15 stores in the U.S. as part of a plan to save about $250 million a year. Sales at the largest office supplies chain in the U.S. have fallen in the last two quarters as use of traditional office products, such as pens and folders, declines. Staples has also been hurt by the recession in Europe, high unemployment in the U.S., and a shift toward online purchasing for office supplies. The company operates 1,583 stores in the U.S. and 331 in Europe and is the world’s second-largest online retailer after Amazon.com. It plans to use the savings to invest more in online operations.

After bulking up its energy portfolio with $11 billion in acquisitions during a six-month run that ended in March 2011, General Electric is planning to spend big on mining equipment and services companies. The company announced the creation of a new mining unit at an industry conference in Las Vegas on Sept. 24 and said it’s targeting $5 billion in sales within a few years. GE generated about $2 billion in revenue last year from mining. CEO Jeffrey Immelt is betting on rising demand for commodities from copper to coal even as the Chinese economy slows.