FRAMINGHAM, Mass. & LONDON--(BUSINESS WIRE)--Nov. 17, 2016--
Inc. (NASDAQ: SPLS) and Hilco
Capital Limited (Hilco), today announced that they have reached an
agreement for Staples to sell its UK retail business and operations to
Hilco for nominal proceeds.
In May, Staples announced plans to explore strategic alternatives for
its European operations as part of its new strategy.
“Agreeing to sell our UK retail business to Hilco aligns with our
go-forward strategy of focusing on our North American and mid-market
business, and is a meaningful step in that process,” said Shira Goodman,
chief executive officer and president, Staples. “In addition, we
continue to make good progress in evaluating strategic alternatives for
the remainder of Staples Europe, which will let us streamline our
operations, sharpen our focus and more aggressively pursue our
mid-market growth strategy.”
The use of the Staples brand will be phased out by the UK retail
business over the coming months.
Paul McGowan of Hilco Capital said, “We are pleased to have concluded a
transaction with Staples, Inc. and look forward to working with the UK
team. While retail in the UK has been challenged recently, a team led by
retail veteran Alan Gaynor will work alongside the existing management
team to build a plan for success for the business.”
About Staples, Inc.
helps small business customers make more happen by providing a broad
assortment of products, expanded business services and easy ways to shop
– in stores, online, via mobile or through social apps. Staples Business
Advantage, the business-to-business division, caters to mid-market,
commercial and enterprise-sized customers by offering a one-source
solution for the products and services they need, combined with
best-in-class customer service, competitive pricing and a
state-of-the-art ecommerce site. Headquartered outside of Boston,
Staples, Inc. operates throughout North and South America, Europe, Asia,
Australia and New Zealand. More information about Staples (NASDAQ: SPLS)
is available at www.staples.com.
About Hilco Capital
completed more than 100 transactions, Hilco Capital is a leading
operator in the turnaround and restructuring sector in the UK, Europe,
Canada and Australia.
Hilco Capital currently owns, among other retailers, HMV and was
responsible for the successful turnaround of the business over the
course of the last four years. In addition, earlier this year, Hilco
managed the operations and ultimate transition of the 99p Stores
business to Poundland following their acquisition of the 250 store
View source version on businesswire.com: http://www.businesswire.com/news/home/20161117005207/en/
Source: Staples, Inc.
Mark Cautela, 508-253-3832
Consulting for Hilco Capital
Jonathon Brill, 00 44 7269 7170