Wednesday, May 11, 2016

Staples scraps $6.3B Office Depot merger

Framingham’s Staples Inc. yesterday said it will scrap its proposed $6.3 billion merger with rival Office Depot after a federal judge ordered a temporary halt to the deal, to allow a regulatory review by the Federal Trade Commission.

Staples immediately announced strategic moves that it will pursue as a stand-alone company, including $300 million in cost reductions by the end of 2018, closing at least 50 stores this year, increasing its focus on mid-market North American business customers and exploring options for its 
European business.. . . more

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