Office supply retailer exits Australia, New Zealand
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In a move that will help it focus on its North American stores, Staples is selling its Australia- and New Zealand-based operations.
Staples announced Tuesday, March 13, that private equity firm Platinum Equity will acquire these stores for an undisclosed sum. The transaction is expected to close in the second calendar quarter of 2017.
“As we execute our plan for long-term growth we want to focus primarily on our Staples’ North American business, and this will allow us to better do that,” said Shira Goodman, CE and president, Staples. “Working with Platinum, we believe the Australian and New Zealand businesses will be well positioned for the future, ultimately helping our customers and associates succeed.”
Following the transition to new ownership, the divested business will continue to operate under the Staples brand in Australia and New Zea-land for a short period of time while a new corporate brand is created, the company said.