global
Make ISPA one of your Favorites and keep up with international news all the time.
To link to all the magazines, click here
Staples rumoured to be pulling out of UK market Having followed the merger battle of Staples-Office Depot from its origins in February 2015 until its termination on 16th May this year, Channel info has learnt that US stationery chain, Staples, is rumoured to be considering pulling out of the UK market, following the outcome of the merger agreement. According to a recent report in the Daily Telegraph, Staples has struggled with years of declining revenue as shoppers hunt for bargains online and the UK arm. This has meant its 107 stores across the country are now dependent on its US parent, Staples Inc, for financial support. Following the block of the attempted merger this year, the Daily Telegraph reports that Staples Inc is now reviewing the future of its European operations, which includes around 200 stores. A spokesman for Staples Inc said, “after the proposed acquisition was blocked, on May 10, 2016 Staples announced we are exploring strategic alternatives for our European operations. This will allow the company to sharpen our focus and more aggressively pursue our mid-market growth strategy in North America, while right sizing our retail business. While this process remains on track, we have no additional details to share at this time.” The report went on to say, that although a restructuring plan last year meant that UK sales grew and it returned to the black, professional service company, KPMG has been appointed to work on options which could include a sale of Staples’ UK business, financial restructuring, a potential company voluntary arrangement or administration. A source close to the process said that all options were being reviewed but said that the shops were in poor retail park locations which would make it less appealing to a trade buyer.                                                                                                                                                                                                                                                    Channel Info UK
Make ISPA one of your Favorites and  keep up with international news all the time.
global
Staples rumoured to be pulling out of UK market Having followed the merger battle of Staples-Office Depot from its origins in February 2015 until its termination on 16th May this year, Channel info has learnt that US stationery chain, Staples, is rumoured to be considering pulling out of the UK market, following the outcome of the merger agreement. According to a recent report in the Daily Telegraph, Staples has struggled with years of declining revenue as shoppers hunt for bargains online and the UK arm. This has meant its 107 stores across the country are now dependent on its US parent, Staples Inc, for financial support. Following the block of the attempted merger this year, the Daily Telegraph reports that Staples Inc is now reviewing the future of its European operations, which includes around 200 stores. A spokesman for Staples Inc said, “after the proposed acquisition was blocked, on May 10, 2016 Staples announced we are exploring strategic alternatives for our European operations. This will allow the company to sharpen our focus and more aggressively pursue our mid-market growth strategy in North America, while right sizing our retail business. While this process remains on track, we have no additional details to share at this time.” The report went on to say, that although a restructuring plan last year meant that UK sales grew and it returned to the black, professional service company, KPMG has been appointed to work on options which could include a sale of Staples’ UK business, financial restructuring, a potential company voluntary arrangement or administration. A source close to the process said that all options were being reviewed but said that the shops were in poor retail park locations which would make it less appealing to a trade buyer.                                                                                                                        Channel Info UK
global
Make ISPA one of your Favorites and keep up with international news all the time.
To link to all the magazines, click here
Staples rumoured to be pulling out of UK market Having followed the merger battle of Staples-Office Depot from its origins in February 2015 until its termination on 16th May this year, Channel info has learnt that US stationery chain, Staples, is rumoured to be considering pulling out of the UK market, following the outcome of the merger agreement. According to a recent report in the Daily Telegraph, Staples has struggled with years of declining revenue as shoppers hunt for bargains online and the UK arm. This has meant its 107 stores across the country are now dependent on its US parent, Staples Inc, for financial support. A spokesman for Staples Inc said, “after the proposed acquisition was blocked, on May 10, 2016 Staples announced we are exploring strategic alternatives for our European operations. This will allow the company to sharpen our focus and more aggressively pursue our mid-market growth strategy in North America, while right sizing our retail business. While this process remains on track, we have no additional details to share at this time.” The report went on to say, that although a restructuring plan last year meant that UK sales grew and it returned to the black, professional service company, KPMG has been appointed to work on options which could include a sale of Staples’ UK business, financial restructuring, a potential company voluntary arrangement or administration. A source close to the process said that all options were being reviewed but said that the shops were in poor retail park locations which would make it less appealing to a trade buyer.                                                                                                                     Channel Info UK