Biggies' failed deal relieves suppliers. (failed merger of Staples Inc. and Office Depot Inc.)
HFN: The Weekly Newspaper for the Home Furnishing Network, July, 1997 by Allegrezza, Ray
Office equipment suppliers are relieved that Staples Inc has decided not to pursue its take-over of Office Depot Inc. Staples Chmn and CEO Tom Stemberg announced the decision to break off the acquisition attempt following a ruling upholding a Federal Trade Commission injunction against the merger. Suppliers complained that their business with Staples and Office Depot came to a standstill, and that many Staples and Office Depot employees left to pursue jobs at other companies.
Staples' recent decision to walk away from its ill-fated attempt to merge with rival Office Depot caused more than one supplier to breathe an almost audible sigh of relief.
The decision, made by Tom Stemberg, Staples' chairman and chief executive officer, came following a recent ruling by...
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