Staples sales fall for eighth straight quarter
By Sruthi Ramakrishnan, Reuters
Staples Inc reported its eighth straight decline in quarterly sales, highlighting the company’s need to seal its deal to buy Office Depot Inc. as competition in the office supplies market intensifies.
Staples struck a deal in February to buy Office Depot for $6.3 billion to better compete against Wal-Mart Stores Inc. and Amazon.com Inc, which have been taking business from traditional sellers of paper, pens and toner.
The deal is working its way through the antitrust process but is widely expected to win approval.