Hilco Capital Limited (Hilco) and Staples have announced that an agreement has been reached between the two to sell Staples’ U.K. retail operations to the financial services company.
Going forward, Staples plans to focus on its continental European, North American and mid-market businesses, according to the company’s CEO and president, Shira Goodman.
Paul McGowan of Hilco Capital is quoted as saying: “We are pleased to have concluded a transaction with Staples, Inc. and look forward to working with the U.K. team. While retail in the U.K. 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.”
The Staples brand will be phased out over the next few months.
In June, Staples announced it had launched its same-day delivery program, Staples Rush, in parts of Boston, Dallas and Manhattan. Additional service in Chicago, Houston, Los Angeles, San Francisco and Seattle is upcoming.
Previously, Staples had considered pulling out of the U.K. in July following a failed merger with fellow office supply chain Office Depot. Staples ran 200 stores across the U.K.