Staples also acquired Quill Corporation, an online and catalog retailer of office supplies, for about $685 million in cash and stock.

Staples acquired the naming rights for the Staples Center in Los Angeles shortly before construction began in 1998. Following the denial of the merger by the FTC, a rivalry formed between the two companies. Staples argued that chains such as Walmart and Circuit City represented significant competition, but this argument did little to sway the FTC. The Federal Trade Commission decided that the merged company would unfairly increase office supply prices despite competition from OfficeMax, because OfficeMax did not have stores in many of the local markets that the merger would affect. On September 4, 1996, Staples and Office Depot announced plans to merge. ĭuring its tenth anniversary in 1996, Staples became a member of the Fortune 500 companies as sales surpassed $3 billion. The following year, Staples began expanding into Europe, and opened its first British store in Swansea. The first store opened in Vaughan, Ontario, north of Toronto. In 1991, Staples founded its Canadian subsidiary, The Business Depot, and began opening stores under that name, though over a decade later, all stores were renamed as 'Staples'. Ī Staples Business Depot located in a heritage building in Vancouver, British Columbia, in September 2011 Staples started with backing from private equity firms including Bain Capital Bain co-founder Mitt Romney served on the company's board of directors for the next 15 years, helping shape their business model. The first store was opened in the Brighton neighborhood of Boston in 1986. A frustration with the reliance on small stores for critical supplies combined with Stemberg's background in the grocery business led to a vision for an office supply superstore. He needed a ribbon for his printer, but was unable to obtain one because his local dealer was closed for the Independence Day holiday. The idea for Staples originated in 1985, while Stemberg was working on a proposal for a different business. Stemberg, who were former rivals in the New England retail supermarket industry, and Myra Hart. Staples was founded by Leo Kahn and Thomas G.

1.2 Pivot to B2B, sale to Sycamore Partners.1.1 Attempted merger with Office Depot, sale of UK division.retail operations, and Canadian retail operations, from the B2B business. In 2017, after its sale to Sycamore Partners, the company was effectively split into three 'independently managed and capitalized' entities sharing the Staples name, separating its U.S. However, the purchase was blocked under antitrust grounds due to the consolidation that would result.Īfter the failed acquisition, Staples began to refocus its operations to downplay its brick-and-mortar outlets, and place more prominence on its B2B supply business. In 2015, Staples announced its intent to acquire Office Depot and OfficeMax. In 2014, in the wake of increasing competition from e-commerce market, Staples began to close some of its locations. By 1996, it had reached the Fortune 500, and it later acquired the office supplies company Quill Corporation. The company opened its first store in Brighton, Massachusetts on May 1, 1986. At some locations, Staples also offers a copy and print service. It is primarily involved in the sale of office supplies and related products, via retail channels and business-to-business (B2B)-oriented delivery operations. Staples logo used from 1986 until 2019, though it remains at many locations and as part of Staples Center arena signage.

Staples to buy office depot