|Staples CEO to Initiate Planned Selling Program to Facilitate Sale of Option Shares|
|FRAMINGHAM, Mass., Nov 30, 2001 (BUSINESS WIRE) -- Staples Inc. (Nasdaq:SPLS)
announced today that its Chairman and CEO, Thomas G. Stemberg, will initiate a
pre-arranged sale of a portion of his holdings in Staples. Under the terms of
the plan, adopted in compliance with SEC Rule 10b5-1, Mr. Stemberg will sell
approximately 300,000 shares of Staples stock each quarter over a period of two
The planned selling program was established to allow for the sale of shares related to stock options expiring within the next several years. As a result of the age of the majority of these options, the tax liability associated with these securities renders impractical the exercise and holding of the shares.
The 2.4 million shares to be sold under the plan represent less than 30% of the total number of Staples shares and options beneficially owned by Mr. Stemberg. He does not anticipate selling any additional shares of Staples for the duration of the two year program.
Staples Inc. is an $11 billion retailer of office supplies, furniture, technology and business services to consumers and businesses from home-based businesses to Fortune 500 companies in the United States, Canada, the United Kingdom, Germany, the Netherlands and Portugal. Headquartered outside Boston, Staples invented the office superstore concept and today is the largest operator of office superstores in the world. The company has over 50,000 employees serving customers through more than 1,400 office superstores, mail order catalogs, e-commerce and a contract business. More information about the company is available at http://www.staples.com.
Certain information contained in this news release constitutes forward looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including risks related to Staples' ability to compete in its highly competitive market, Staples' ability to continue to successfully open new stores, Staples' quarterly operating results being subject to significant fluctuation, Staples' stock price fluctuating based on the expectations of professional securities analysts, the strain on operations due to Staples' rapid growth which can affect operating results, the ability of Staples' foreign operations and Staples.com to become profitable and the ability of Staples to obtain adequate future financing. Additional information concerning these factors is contained in Staples' Quarterly Report on Form 10-Q dated September 17, 2001, which is on file with the Securities and Exchange Commission.