Staples offered to divest $1.25 billion in commercial contracts;
still willing to negotiate with FTC
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Dec. 21, 2015--
Staples, Inc. today gave an update on the status of its discussions with
the Federal Trade Commission and the acquisition of Office Depot. The
company wants to ensure that stakeholders have accurate information
regarding the transaction.
Staples’ Board of Directors and management team have worked tirelessly
to complete the transaction. Staples has proposed divesting up to $1.25
billion of commercial contracts in an effort to create an acceptable
remedy to the FTC. The FTC rejected the company’s offer without making a
counteroffer. The company is still willing to continue negotiations with
the FTC to reach a settlement that addresses FTC concerns.
At the same time, Staples is pursuing the transaction through
litigation. The company is confident in its legal position and looks
forward to a full and impartial judicial review of the matter.
Staples makes it easy to make more happen with
more products and more ways to shop. Through its world-class retail,
online and delivery capabilities, Staples lets customers shop however
and whenever they want, whether it’s in-store, online or on mobile
devices. Staples offers more products than ever, such as technology,
facilities and break room supplies, furniture, safety supplies, medical
supplies, and Copy and Print services. Staples also offers free shipping
for Staples Rewards Members, in most cases overnight. Headquartered
outside of Boston, Staples operates in North and South America, Europe,
Asia, Australia and New Zealand. More information about Staples (SPLS)
is available at www.staples.com.
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Source: Staples, Inc.
Kirk Saville, 508-253-8530
Chris Powers, 508-253-4632