Staples Is Reportedly Exploring A Sale
FRAMINGHAM (CBS/AP) — Shares of Staples Inc. jumped Tuesday on reports that the office supply chain is exploring a sale less than a year after it scrapped a $6.3 billion merger with rival Office Depot.
The Wall Street Journal reports that the company is in early talks with private-equity bidders. Staples said it has no comment on the report.
The stock rose $1.18, or 13.6 percent, to $9.84 in morning trading.
Staples and Office Depot faced heavy regulatory resistance over their proposed merger, culminating in a federal judge blocking the deal. The companies abandoned the deal in May and said they would move forward with new business strategies.
Last month, the Framingham-based retailer said it would close 70 stores across North America by the end of 2017 due to falling sales.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)