Sycamore Partners announced this week that it has completed the acquisition of Framingham, Massachusetts-based Staples.
“We are pleased to have completed this transaction, and look forward to partnering with CEO Shira Goodman and the Staples management team as we seek to increase long-term profitability,” Stefan Kaluzny, managing director of Sycamore Partners, told Street Insider. “With the support of its dedicated associates, Staples is well-positioned to leverage its iconic brand and leading competitive position to drive even greater value for its business-to-business and retail customers in the U.S. and Canada.”
Staples’ decision to sell for $6.9 billion was a source of controversy in June, when some felt that the price was too low for the office supply company. Some also speculated that the company’s standing in the stock market could lead Sycamore to take its business elsewhere.
“We are excited about the tremendous opportunities ahead for the company and our talented associates,” Goodman said. “We look forward to benefitting from Sycamore Partners’ retail and wholesale experience as we work together to deliver exceptional products, services and expertise that enable businesses to work better.”
Following the acquisition, common stock of Staples will no longer be listed for trading on Nasdaq.
For more information on Staples, visit www.staples.com.
