Sycamore Partners Completes Staples’ Acquisition, No Longer a Public Company
International office-supply chain store Staples, which is based in Framingham, Massachusetts, reported today that private-equity firm Sycamore Partners has completed its acquisition Of Staples, Inc. As a result of the acquisition, Staples’ stock will no longer be listed for trading on the Nasdaq stock exchange.
Back in June 2017, Staples had reported that Sycamore Partners would be acquiring it for approximately $6.9 billion.
Staples had tried to merge with rival office-supply chain store Office Depot, but the merger was blocked by a U.S. federal judge, and the companies abandoned their efforts to merge.
Staples has acknowledged the challenges of online competition that it faces, noting in its annual report: “We also compete with online retailers such as Amazon.com, mass merchants such as Walmart and Target, warehouse clubs such as Costco, computer and electronics retail stores such as Best Buy,” the company said. “We are focused on maximizing profitability and reducing risk in our under-performing North American retail and international businesses,” the company said in its annual report, noting that it planned to close about 70 stores in North America this year.
“We are pleased to have completed this transaction and look forward to partnering with CEO Shira Goodman and the Staples management team as we seek to increase long-term profitability,” commented Stefan Kaluzny, managing director of Sycamore Partners. “With the support of its dedicated associates, Staples is well-positioned to leverage its iconic brand and leading competitive position to drive even greater value for its business-to-business and retail customers in the U.S. and Canada.”
Staples CEO Shira Goodman commented: “We are excited about the tremendous opportunities ahead for the Company and our talented associates. We look forward to benefitting from Sycamore Partners’ retail and wholesale experience as we work together to deliver exceptional products, services and expertise that enable businesses to work better.”
- June 2017: Private-Equity Firm Sycamore Partners to Acquire Staples for $6.9 Billion
- March 2017: Staples to Close 70 Stores in U.S. and Canada as it Focuses on ‘Business Services’
- March 2017: Staples Sells European Business to Cerberus Capital
- November 2016: Staples’ New Owner Hilco to Shutter Staples’ Stores in U.K.
- July 2016: Taylor Completes Acquisition of Staples Print Solutions; Staples to Shutter More Stores in North America
- July 2016: Staples Reportedly Considering Leaving U.K. after Failed Office Depot Merger
- June 2016: Staples Launches ‘Staples Rush’ Same-Day Delivery Service
- May 2016: Staples, Office Depot Call Off Merger in Wake of U.S. District Court Ruling
- December 2015: FTC Sues to Block Staples’ Acquisition of Office Depot
- December 2014: Staples Now Offering HP’s Instant Ink Ink-Cartridge Subscription Program
- March 2014: Staples to Shutter 255 Office-Supply Stores Across North America