Expect the Staples name to soon be lost from its Sealand Road store after the struggling stationary supplies firm was sold.
Restructuring firm Hilco has bought the UK side of the company and says it will phase out the brand ‘over coming months’.
It is not yet known how staff will be affected.
US-based Staples Inc is reviewing the future of its European operations.
Hilco’s Paul McGowan said: “We are pleased to have concluded a transaction with Staples Inc and look forward to working with the UK team.
“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.”
Hilco did not give any more details about its new brand.
Staples’ UK retail operations reported pre-tax losses of £5m for the year to the end of January 2015, an improvement on losses of £7.1 million in 2014.
Its online and business-to-business operations in the UK have been performing better than the stores.
Staples president Shira Goodman said: “Agreeing to sell our UK retail business to Hilco aligns with our go-forward strategy of focusing on our North American and mid-market business, and is a meaningful step in that process.”
What do you think of this story? Let us know in the comments below.
