Staples to disappear from the UK high street

 
Helen Cahill
Follow Helen
Staples Third Quarter Profit Rises 29 Percent
The brand follows on from the demise of UK brands such as BHS and Austin Reed (Source: Getty)

The Staples brand will disappear from UK high streets over the coming months.

The sale of the UK arm of Staples to restructuring business Hilco Capital puts the future of around 1,100 staff working in 106 stores across the country into question.

Staples, Inc. has sold its UK retail business for a "nominal" amount while the company focuses on a different strategy in Europe.

Read more: Keep calm and carry on shopping: Retail sales smash expectations

Shira Goodman, chief executive of Staples, said:

Agreeing to sell our UK retail business to Hilco aligns with our go-forward strategy of focusing on our North American and mid-market business, and is a meaningful step in that process.

In addition, we continue to make good progress in evaluating strategic alternatives for the remainder of Staples Europe, which will let us streamline our operations, sharpen our focus and more aggressively pursue our mid-market growth strategy.

Paul McGowan of Hilco Capital said: "We are pleased to have concluded a transaction with Staples and look forward to working with the UK team. While retail in the UK has been challenged recently, a team led by retail veteran Alan Gaynor will work alongside the existing management team to build a plan for success for the business."

Related articles