|Staples, Inc. Acquires Leases for 32 Retail Store Sites Formerly Operated by Rickel Home Improvement Centers, Inc.|
WESTBOROUGH, Mass.--(BUSINESS WIRE)--May 4, 1998--Staples, Inc. (NASDAQ:SPLS)announced today that the Company has purchased leaseholds on 32 former Rickel Home Centers Inc., a buildings materials retailer based in South Plainfield, New Jersey.
Staples plans to convert most of the former Rickel stores to Staples The Office Superstores over the next 6 months. Thus, Staples should be able to open over 150 stores in North America alone during 1998, and over 170 stores in total globally.
According to Joseph Vassalluzzo, president of Realty and Development of Staples, Inc., ''These leases presented a very attractive opportunity for Staples to acquire real estate in well established communities which would be very difficult to obtain otherwise. Staples is currently evaluating how these acquired sites fit into our existing store network to ensure optimal convenience for our customers in each community.''
Staples, Inc. is a $5 billion retailer of office supplies, furniture and technology to consumers and businesses from home based businesses to Fortune 50 companies in the United States, Canada, the United Kingdom and Germany. Staples, headquartered near Boston, Mass, pioneered the office superstore concept and today is the largest operator of office superstores in the world. The company, which has grown earnings per share at over a 40% compounded rate over the last five years, has over 30,000 employees serving the business customer through 774 office superstores, mail order catalogs and a contract business.
More information on Staples may be obtained from the Company's website at http://www.staples.com.
Media Contact: Jean Papagni Public Relations Manager Staples, Inc. (508) 370-8727 or Investor Contact: Samuel J. Levenson Vice President of Investor Relations Staples, Inc. (508) 370-7963