The large Staples store in Plymouth, UK, is to be renamed Office Outlet after the business was taken over by Hilco Capital, who also own HMV.
While the name of the store will be changing, they will be keeping the same recognizable red and white color scheme.
According to Plymouth Herald, Staples in the UK had annual sales of around £200 million ($253 million) with 1,100 employees. But the most recent accounts of Staples’ UK retail operations show that they made a pre-tax loss of £5 million ($6.32 million) for the year to the end of January 2015.
Because of this immense cash hemorrhage, the Plymouth store was reported to be under threat of closure when the US owner bought Staples Inc. in late 2016.
However, Staples continues to close stores across North America and around 70 stores are preparing to close down.
Hilco Capital stated that the Staples stores they bought would be transformed in “record time”. The American based company has aimed to re-brand Staples in a number of ways, the most notable being a new electronic point of sale (EPOS) barcode reading system.
In addition to this, they will be introducing new products, promotions and prices in an attempt to spark sales.