18:49 18 November 2016
Staples, the stationary specialist, is the latest brand to disappear from UK High Street after its US owner sold the UK arm to Hilco for a “nominal” sum.
Shira Goodman, chief executive of Staples, said that the move was in line with the company’s strategy to focus on the North American and mid-market business. She said that the move allows the company to "streamline our operations, sharpen our focus and more aggressively pursue our mid-market growth strategy".
Meanwhile, Hilco said that it was planning to phase out the Staples-branded shops over the coming months.
Staples placed its European business under review in May after it was forced to abandon a $6.3bn merger with Office Depot on competition grounds.
Staples’ UK business reported pre-tax losses of £5m for the year to January 2015, down £2.1m from the previous 12 months.
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