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Store closures hurt Staples in first quarter
Store closures and weak demand for traditional office supplies and computers hurt Staples in the first quarter of fiscal 2014.
The company attributed a 44% drop in net earnings during the quarter to lower sales caused by store closures and a rise in the value of the dollar. But according to reports, the office products company and second largest internet retailer in the United States is facing stiff competition from big box retailers such as Walmart and e-commerce giants such as Amazon.
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Intel hires Staples global marketing exec
San Francisco -- Intel Corp. said it has hired senior Staples executive Steven Fund to oversee its global marketing, effective June 2. He will be responsible for marketing strategy, communications, social media and advertising duties.
"As our industry and our business is changing, we need to change the way we develop, build, and market our products, and Steve is going to be a key asset for us as we move forward," CEO Brian Krzanich said in a statement on Monday.