The UK office furniture and stationary chain has been sold to restructuring company, Hilco, for a substantial sum, say reports. Hilco also owns HMV, having bought the retailer out of administration in 2013.
Staples has been suffering financially with talks of closing down UK branches and selling the division to various investors. KPMG were called in to assist with a restructuring plan last month. Hilco now plan to ‘phase out’ UK stores over the next few months and repurpose the business.
Hilco’s CEO Paul McGowan commented, “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.”
The restructuring specialist will take on Staples UK’s debt of £60 million, 107 stores and 1300 employees.