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H&R Block Closing 400 Locations and Lowers Outlook

H&R Block on Wednesday announced plans to permanently shutter 400 smaller offices after it reduced its sales and profit margin outlook for the remainder of 2017, confirms CNNMoney (June 13, La Monica).  H&R Block CEO Jeff Jones said the decision to close the offices was part of the company's annual review, adding that the company does not plan to cut any jobs as a result of the closures.  All of the stores targeted are within five miles of other H&R Block locations.  "H&R Block may be suffering from a Starbucks-like phenomenon -- having a bunch of locations that are too close to other ones," reasons CNN.  "The increased popularity of do-it-yourself tax software like TurboTax is also hurting H&R Block though."

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