Staples has announced its exit from Australia and New Zealand, saying it has reached a deal to sell its local units to Platinum Private Equity. No financial details of the deal were disclosed.
Staples is the leading B2B retailer in Australia and the second-largest in New Zealand, but has been running up losses in both markets. The company noted: “As we execute our plan for long-term growth we want to focus primarily on our Staples’ North American business, and this will allow us to better do that.”
Following the sale, the business will continue to operate under the Staples brand locally for a while, until a new corporate brand is created. Platinum Equity noted: “The Staples business in Australia and New Zealand has extraordinary potential as a stand-alone enterprise. It has a strong customer base, dedicated employees and a long history in the markets it serves.”