Staples Sells European Business to Private Equity Firm

Content Manager

In an effort to focus on its U.S. business, Staples announced it would sell its European business to private equity firm Cerberus Capital Management LP., for $53.65 million, according to Fortune.

Staples’s retail business consists of its online, retail and contract businesses in 16 countries, which generates aggregate sales of $1.7 billion Euros, Fortune reported.

This move comes two months after Office Depot announced it would sell its European operations to investment company Aurelius Group. And last month, Staples said it would sell its UK retail business and operations to Hilco Capital, which invests in distressed companies.

In May, a federal court judge ruled in favor of the Federal Trade Commission decision to block a proposed merger between Staples and Office Depot. Both companies had been struggling and saw a merger as a way to boost their fortunes.

Staples expects to complete the European deal in the first quarter of February 2017.

To read the full story, click here.

Partner Content

The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.