News
Staples Sells UK Business, Unloads 100-Plus Underperforming Assets For ‘Nominal Proceeds’
Staples has unloaded its 100-plus UK stores to Hilco Capital for “nominal proceeds” in a move that allows the retailer to focus all of its attention on its core business.
The sale frees Staples from searching for a strategic buyer for its underperforming assets, which generated $302M in sales over the last fiscal year, reporting a $6M operating loss, the Wall Street Journal reports. Hilco said in a press release it plans to phase out the Staples name and run the locations under new management.
Staples’ sale comes after its failed attempt to buy Office Depot, and the firm isn’t completely in the clear—the retailer had to make unspecified guarantees concerning the leases of the stores it’s selling. [WSJ]
