|Staples, Inc. Board of Directors Agrees to Propose Removal of Supermajority Voting Provisions from Company Charter|
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Sept. 13, 2007--Staples, Inc. (Nasdaq: SPLS) announced today that its board of directors has agreed to propose an amendment to the company's charter to remove supermajority voting provisions. This proposal is in response to a June 2007 shareholder request for the amendment, and is consistent with Staples' commitment to corporate governance best practices. The proposed amendment would remove provisions from the company's charter requiring that holders of at least two-thirds of Staples' outstanding voting stock approve certain significant corporate transactions. The proposed amendment, which requires approval by holders of at least two-thirds of Staples' outstanding voting stock, is expected to be submitted for shareholder approval at the company's 2008 annual meeting of shareholders.
Staples, Inc. invented the office superstore concept in 1986 and today is the world's largest office products company. With 74,000 talented associates, the company is committed to making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With 2006 sales of $18.2 billion, Staples serves consumers and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe and Asia. Headquartered outside of Boston, Staples operates more than 1,900 office superstores and also serves its customers through mail order catalog, e-commerce and contract businesses. More information is available at www.staples.com.
CONTACT: Staples, Inc. Paul Capelli/Owen Davis 508-253-8530/8468 SOURCE: Staples, Inc.