Staples will disappear from UK high streets after its US owner opts to sell the failing retailer.
The stationery retailer which employs around 1100 staff across its 106 UK stores has been sold to restructuring company Hiclo for a “nominal sum”, which has said it will phase out the brand in the coming months.
Hilco has not yet revealed its plans for the thousand plus staff members, or its plans for the nationwide estate after the brand is phased out.
Having failed to secure a foothold in the UK, Staples’ European operations have been under review since May this year.
“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 Capital’s Paul McGowan said.