Office Supplies Giant to Leave British Market

Staples, the largest office supplies chain store in the U.S., has sold its British business to a restructuring company.

According to BBC News, the British subsidiary has been sold to Hilco, along with its 1,100 employees and 106 stores.

After Staples was forced to terminate its US$6.3 billion merger with Office Depot, the company reviewed its European businesses back in May.

Shira Goodman, a chief executive of Staples maintains that selling its UK business is consistent with the strategy of focusing on the businesses in the North America and mid-market. She also said that Staples will continue to operate its other businesses in Europe to fulfill its strategy.

A recent report has shown that the UK business of Staples has dropped UK£2.1 million (US$2.6 million) during the last 12 months.

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