Wednesday, February 4, 2015

Staples to Acquire Office Depot for $6.3B

Staples announced Wednesday that it will acquire Office Depot for $6.3 billion, a move that merges the two largest chain stores selling office supplies. The deal comes as the retailers are seeing massive upheaval in their industry. Demand for paper-based office supplies is dwindling as more business functions move online, and a diverse array of competitors, including and Wal-Mart, are competing to sell these kinds of goods. Together, the brands would have about $39 billion in annual sales and about 4,000 stores. Staples CEO Ron Sargent  said that a merger would help the brands compete more effectively.... 

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