Hilco Capital to Purchase Staples’ UK Retail Business
November 17 2016 - 4:30AM
Business Wire
Staples, 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.Staples
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 CapitalHaving
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 retailer.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161117005207/en/
Staples, Inc.Mark Cautela,
508-253-3832mark.cautela@staples.comorFTI Consulting for Hilco
CapitalJonathon Brill, 00 44 7269
7170Jonathon.Brill@fticonsulting.com
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