Staples Founder Passes Away

Thomas Stemberg, founder of the US leading office supplies store chain, Staples Inc., has passed away at his home from cancer. He was only 66.

Graduating with a MBA degree from Harvard Business School and with years of experience in grocery chains, Stemberg brought up with the idea of Staples, a “Toys-R-Us for office supplies” business model. Stemberg and Leo Kahn, a former rival in the grocery world, opened their first Staples store in Brighton, Massachusetts, targeting not only individuals but also small business which was excluded the same discounts as companies that purchased supplies in greater quantities.

Stemberg chaired Staples until 2005, when he founded Highland Capital Partners. He also founded chains in other industries including flowers, dry cleaning, and children’s shoes, with varying degrees of success.

It’s reported that Staples grew into a chain worth $22.5 billion in revenue with 83,000 employees last year.

Source: www.latimes.com/

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