News has come that Staples US business is to be acquired by Sycamore Partners in a deal worth US $6.9 billion in a transaction that is expected to close by the end of 2017. There are plans for Sycamore Partners to take Staples private.
The office supplies sector has taken a hammering in recent years with many now using Amazon Business for their supplies rather than long established businesses like Staples. Staples had previously sought to merge with Office Depot but the Federal Trade Commission vetoed the deal. Since then sales have declined and a further seventy of its stores are facing the axe.
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