Office Depot, the world's largest seller of office products and an industry leader in every distribution channel, has decided to close 112 stores in the next three months.

In addition, the company notified that it would close 14 more stores next year, when their leases expire or other arrangements are finalized.

The announcement said the closures would occur in various geographic regions, including 45 in the central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South.

The first wave of closures would reduce the North American store base to 1,163. The global provider of office products said the closures are part of a strategic review announced on Oct. 29.

The company also said new store openings for 2009 have been reduced to about 20, down from the previous estimate of 40.

Further, Office Depot also plans to close six of its 33 distribution facilities in North America. The move comes as a part of company’s long-term plan to reduce the total number of facilities and combine its separate supply chain systems.

The company anticipates taking charges, totaling between $270 million and $300 million, in the fourth quarter 2008 and in 2009 for the store closures.

Office Depot shares closed up 23 cents to $2.66. The 52-week high was $17.88 on Dec. 11, 2007. The 52-week low was $1.45 on Nov. 21.