Staples sold to administrators
Stationery specialist Staples is the next retailer to leave the UK high street following the sale of the brand to a restructuring company.
The US owner of Staples has sold the UK branch of the business and its 106 shops to Hilco Capital, which plans to phase out Staples-branded shops over the coming months.
The news follows Staples’ May announcement that it planned to explore strategic alternatives for its European operations as part of its new strategy.
Stationery specialist Staples is the next retailer to leave the UK high street following the sale of the brand to a restructuring company.
The US owner of Staples has sold the UK branch of the business and its 106 shops to Hilco Capital, which plans to phase out Staples-branded shops over the coming months.
The news follows Staples’ May announcement that it planned 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 strategy of focusing on our North American and mid-market business,” said Shira Goodman, chief executive officer and president, Staples.
“In addition, we continue to make progress in evaluating strategic alternatives for the remainder of Staples Europe, which will let us streamline our operations and pursue our mid-market growth strategy.”
Paul McGowan of Hilco Capital said: “We are look forward to working with Staples’ 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 the business.”
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