Staples Inc. is an American office supply retail company headquartered in Framingham, Massachusetts .
76-519: Future Group was an Indian conglomerate , founded by Kishore Biyani and based in Mumbai . The company is known in Indian retail and fashion sectors, operating supermarket chains Big Bazaar and Food Bazaar, lifestyle stores Brand Factory and Central , integrated foods and FMCG manufacturing sectors. Future Retail Limited and Future Lifestyle Fashions Limited are two operating companies whose assets are among
152-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
228-871: A parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
304-437: A "solutions partner" for the business market, and placing a stronger focus on its B2B-oriented delivery and e-commerce businesses. In May 2017, the chain began a new advertising campaign with the slogan "It's Pro Time", which largely downplayed its retail operations. In 2017, Sycamore Partners acquired Staples for $ 6.9 billion, of which $ 1.6 billion was funded as equity, with the remaining deal value raised as debt. As part of
380-553: A $ 1 billion one-time dividend for the private equity firm. A Bloomberg report on this refinancing noted that the deal allowed Sycamore to recover roughly 80% of its equity investment in Staples in less than two years, compared to the typical profit-taking exit timeframe of five to eight years for most private equity buyouts. That month, Staples also unveiled a new logo, which features an icon representing both an unused staple and an office desk. The company also announced that it would introduce
456-549: A character named "Coach Tom" to promote its "Gift it for Free" sweepstakes, in which 10,000 Staples customers won up to $ 5,000 in merchandise. In August 2002, the company started the Staples Foundation for Learning, which supports youth groups and education . It also is a partner of Boys & Girls Clubs of America , Ashoka, Earth Force, Initiative for a Competitive Inner City, Hispanic Heritage Foundation and through Staples, ReadBoston. In August 2005, Staples introduced
532-776: A cyberattack that temporarily disrupted their online ordering system. The type of cyberattack is unknown, it is possible that customer information was stolen. Staples is still working to restore its systems and has not yet released a full statement on the incident. In addition to selling office supplies, business machines, and tech services, Staples also offers a copy and print center for photocopies , scans, digital printing , faxing , custom business cards , custom rubber stamps , promotional products , binding, lamination , folding, cutting and engraved products. While many products can be produced in-store, larger, more complex jobs, or jobs requiring special materials such as PVC signs are routed to production facilities in various locations through
608-480: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
684-458: A fictitious button with 'magical' properties, featured in their television advertisement campaign. However, when the adverts appeared, customers began contacting the company to inquire how they could buy one. The company responded by making the "Easy Button" a real product (available in English "easy", French "simple", Spanish "fácil" and German "einfach easy"). These buttons were shipped to stores in
760-540: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
836-504: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Staples Inc. Founded by Leo Kahn and Thomas G. Stemberg ,
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#1733085205499912-414: A new brand retaining the Staples chain's red and white color scheme. In August 2018, the chain closed some of its stores under a company voluntary arrangement , and underwent a management buyout the following month. In March 2019, Office Outlet went into administration , citing that it had "recently experienced a reduction in credit from key suppliers, given the economic outlook which has severely impacted
988-429: A new line of store brands , including Tru Red, Coastwide Professional (facility supplies), NXT Technologies (technology accessories), Perk (office break room supplies), and Union & Scale (furniture), as well as a new catalog known as The Loop . With the rebranding, then CEO Sandy Douglas (who joined the company in 2018) stated that Staples was now being marketed as a "worklife fulfillment" company, which he explained
1064-470: A pattern of card fraud (suggesting that several Staples office supply locations in the Northeastern United States were dealing with a data breach). At the time, Staples would say only that it was investigating "a potential issue" and had contacted law enforcement. On December 19, 2014, Staples reported that criminals had deployed malware to point-of-sale systems at 115 of their retail stores in
1140-411: A plan to once again acquire Office Depot , which itself had recently acquired OfficeMax in a bid to compete against Staples. CEO Ron Sargent stated that this purchase would "[enable] Staples to provide more value to customers, and more effectively compete in a rapidly evolving competitive environment", and would result in at least $ 1 billion in "cost synergies" within three years. It was reported that
1216-502: A popular meme on the Internet , and the ad itself was parodied in a 2002 Christmas advertisement for Dell Computers, in which a robot hassles a shopper (including striking him with a candy cane ) when he attempts to purchase a PC at an unnamed office supplies retailer. Another advertisement style is used during its annual back-to-school campaign, in which the Christmas song " It's
1292-434: A result, the sale was called off, and Staples was required to pay a $ 250 million breakup fee . In November 2016, it was announced that Staples had sold its 106 British stores to Hilco Capital for a "nominal" amount, as part of an effort to streamline its international operations following the failed merger. Hilco stated that it would discontinue the Staples brand in the region; the stores were rebranded as "Office Outlet",
1368-452: A separate coupon, monthly, instead of the normal quarterly rewards check. Most customers are able to trade in ten per month for credit, whilst Staples Plus and Premier Rewards members are able to trade in twenty per month. As of February 28, 2013, Staples announced that in order to receive $ 2 per ink cartridge recycled, customers would be required to spend at least $ 30 at Staples in ink purchases within 180 days of recycling. A 2012 study by
1444-615: A sizeable rooftop solar installation. Staples has also recently implemented power reduction strategies in all of their Copy & Print Centers, where the copiers enter sleep mode in as little as 15 minutes after use. This technique will save Staples nearly $ 1 million a year in reduced energy costs and prevent over 11 million pounds of carbon dioxide from being released into the atmosphere. In November 2014, Staples partnered with EnergySage to give Staples giftcards to homeowners and businesses that installed solar panels. Staples accepts all used ink and toner cartridges for recycling. Prior to 2008,
1520-625: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1596-436: A suspected data breach at retailers served by online photo software from PNI – Staples' recent acquisition. The first reported victim was Walmart Canada, followed by CVS, Rite-Aid, Costco US, Costco Canada and Tesco UK. During the period July 13 to 28, 2015, Staples Inc share price fell from $ 15.59 to $ 13.97, a 10% fall which reflected a reduction in Staples market value of almost $ 1bn. In late 2023, Staples experienced
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#17330852054991672-522: A two-year campaign targeting the company, Staples adopted an environmentally friendly paper policy, in hopes of increasing the amount of post-consumer recycled paper made available for sale, phasing out products originating from endangered forests. The Hanover, Maryland fulfillment center is powered by a 1.01 megawatt solar installation covering nearly 175,000 square feet (16,300 m ) of roof space. Its Savi Ranch store in Yorba Linda, California also has
1748-613: Is a UK-based footwear and accessories retailer. Future Group entered into a 50:50 joint venture to form 'Clarks Future Footwear Ltd'. The JV launched its first (1,600 sq ft.) stand-alone store in Connaught Place , Delhi on 19 April 2011. These are the brands of Future Retail: Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / ) is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has
1824-473: Is attempting to reduce debt to avoid insolvency, according to industry sources. In May 2012, Future Group announced a 50.1% stake sale of its fashion chain Pantaloons to Aditya Birla Group in order to reduce its debt of around ₹ 8,000 crore (equivalent to ₹ 150 billion or US$ 1.8 billion in 2023). To do so, the Pantaloons fashion segment was demerged from Pantaloons Retail India Ltd, which
1900-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
1976-414: Is shown behind the cart, saying, "The song goes 'School's out for summer'. Nice try, though." The hit song then plays as supplies are shown. The tagline, "That was easy", is heard playing over the company logo, formed to resemble a stapler . During the 2008 holiday season, Staples advertising for the first time engaged Facebook , Twitter , YouTube , and other social media platforms. The company created
2052-547: The Wall Street Journal found that Staples displayed different prices to customers in different locations (distinct from shipping prices), based on proximity to competitors like OfficeMax and Office Depot . This generally resulted in higher prices for customers in more rural areas, who were on average less wealthy than customers seeing lower prices. KrebsOnSecurity reported a suspected breach at Staples on October 20, 2014, after hearing multiple banks had identified
2128-555: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
2204-454: The Christmas seasons from 1995 until 2001. The Sno-Bot was a robot shaped like a snowman who refuses to let go of the inkjet printer he has fallen in love with. After the printer is wrestled from his grasp, the robot utters a monotone "Weeping. Weeping." He is consoled by a Staples employee who offers him a surge protector or a computer mouse (depending on the ad) instead. The robot's "Weeping. Weeping." catchphrase briefly became
2280-746: The Supreme Court of India upheld Amazon's plea to restrain the merger. In December 2021, the CCI withdrew its approval for Amazon's acquisition of a minority stake in Future Coupons, stating that Amazon had misled the regulator about the purpose of its investment in the Future Group company. Source: FabFurnish was launched as an online retailer of furniture , décor, and home appliances in March 2012 by Vikram Chopra, Mehul Agrawal, and Vaibhav Aggarwal. The company
2356-641: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
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2432-572: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
2508-582: The "Easy Button", a novelty item for offices which is advertised as a fun way of relieving stress. The button does nothing other than say "That was easy" when pressed. The first US$ 1 million of profits each year from the Easy Button are donated to the Boys & Girls Clubs of America. As of December 2006, it was sold for $ 4.99 to $ 6.99 in all US and Canadian stores (where profits go to Special Olympics in Canada) and on
2584-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
2660-618: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
2736-539: The Boston area, while elements of the concept will be implemented chain-wide. As part of a partnership with radio broadcaster iHeartMedia , Staples also added recording studios intended for podcasting to six of these stores, with access to recording engineers and a partnership with Spreaker to offer discounted hosting and distribution services to its customers. Throughout most of the company's history, Staples employed, in its American commercials and advertising promotions,
2812-557: The Most Wonderful Time of the Year " is played while a father joyously shops for school supplies for his sullen-faced children, used for several years from 1995 until 2005. Later, Alice Cooper appeared in a back-to-school campaign from August 2004. Within the ad, a hand is seen selecting various supplies while a girl (played by Madeleine Martin ) looks on unhappily. She finally says, "I thought you said, 'School's out forever. ' " Alice
2888-609: The Northeast. In August 2006, Ahold announced the addition of the Staples section to all Tops Friendly Markets locations as well. In 2008, Staples acquired Dutch office supplies company Corporate Express , one of the largest office supply wholesalers in the world. On March 6, 2014, Staples announced it would close up to 225 stores in North America by the end of 2015, in order to cut $ 500 million in costs annually, and focus more on e-commerce. On February 4, 2015, Staples announced
2964-519: The Staples name, separating its U.S. retail operations, and Canadian retail operations, from the B2B business. Staples was founded by Leo Kahn and Thomas G. Stemberg , who were former rivals in the New England retail supermarket industry, and Myra Hart . The idea for Staples originated in 1985, while Stemberg was working on a proposal for a different business. He needed a ribbon for his printer, but
3040-436: The United States, Canada and Germany starting in the fall of 2005. Sales of the buttons reached 1.5 million by the end of 2006. The button has been referred to as a "Marketer's Dream", effectively turning millions of Staples customers into advertisers, resulting in greatly increased brand recognition. The Staples Sno-Bot was an advertising character that appeared in the United States, in television and print advertising during
3116-598: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
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3192-440: The United States. At 113 stores, the malware may have allowed access to this data for purchases made from August 10, 2014, through September 16, 2014. At two stores, the malware may have allowed access to data from purchases made from July 20, 2014, through September 16, 2014. Overall, the company believed that approximately 1.16 million payment cards may have been affected. On July 14, 2015, Numerous news outlets started to report
3268-543: The brand name Easyday. Following the acquisition, Bharti Enterprises received 9% stakes in Future Retail Limited (manages retail operations) and Future Enterprises Limited (manages infrastructure, investments and assets). In August 2019, Amazon acquired a 49% stake in Future Coupons, and indirectly obtained a 3.5% minority stake in Future Retail, ahead of an option to buy all or part of the promoters' holding in
3344-450: The brand name Future Generali Insurance. Future Generali operates in India via two Generali India Life Insurance Co. Ltd. (Life Insurance) and Generali India Insurance Co. Ltd. (Non-Life Insurance). Staples Inc. , a United States–based office supply retailer, has a presence in over nine cities in India under a joint venture with Future Group. As of April 2013, Future Group had a 60% stake in
3420-501: The company opened its first store in Brighton, Massachusetts on May 1, 1986. By 1996, it had reached the Fortune 500 , and it later acquired the office supplies company Quill Corporation . In 2014, in the wake of increasing competition from e-commerce market, Staples began to close some of its locations. In 2015, Staples announced its intent to acquire Office Depot and OfficeMax . However,
3496-667: The company's board of directors for the next 15 years, helping shape their business model. In 1991, Staples founded its Canadian subsidiary, The Business Depot , and began opening stores under that name, though over a decade later, all stores were renamed as "Staples". The first store opened in Vaughan , Ontario , north of Toronto. The following year, Staples began expanding into Europe, and opened its first British store in Swansea . On September 4, 1996, Staples and Office Depot announced plans to merge. The Federal Trade Commission decided that
3572-482: The company's website. Donations also went to the Children's Fund. Staples has reportedly sold more than $ 7.5 million worth of Easy Buttons. Staples is ranked in the top 25 of EPA's Green Power Partner list. In 2006, Staples offered more than 2,900 different office products incorporating recycled content. Staples is currently trying to pursue developing Staples brand products with green raw materials. In response to
3648-644: The company. In August 2020, it was announced that Reliance Retail had reached an agreement with Future Group to acquire the latter's retail and wholesale businesses and its logistics and warehousing businesses for $ 3.4 billion. The merger between Reliance Retail and Future Group was halted in October 2020, after Amazon filed a plea in the High Court for enforcement of EA awarded by the Singapore International Arbitration Center. In August 2021,
3724-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
3800-454: The deal could face antitrust scrutiny for its monopolization of the office supply market, unless growing competition against online retailers is considered a factor as well. In December, the FTC filed a lawsuit to halt the merger, arguing that it would harm competition in the commercial office supply market. and as of January 2016, the FTC has not changed its stance. At the end of January 2016, it
3876-462: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
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#17330852054993952-751: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
4028-469: The financial position of the company." In January 2021, Staples announced that it would again try to buy Office Depot. Their offer was turned down in June 2022. In 2022, Staples launched same-day passport photo services in over 1,000 stores and TSA PreCheck enrollment at select locations. Following the aborted acquisition of Office Depot, Staples began to reposition its operations by promoting itself as
4104-714: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
4180-418: The merged company would unfairly increase office supply prices despite competition from OfficeMax , because OfficeMax did not have stores in many of the local markets that the merger would affect. Staples argued that chains such as Walmart and Circuit City represented significant competition, but this argument did little to sway the FTC. Following the denial of the merger by the FTC, a rivalry formed between
4256-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
4332-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
4408-496: The only cartridge brands that could be recycled were HP, Kodak, and Dell, and customers were given a $ 3 coupon for the store, with the maximum number of coupons to be given, or redeemed, at any one time being 25. Since 2009, ink recycling has been a part of the Staples Rewards program. Staples now gives back two dollars (Staples.com) on all ink cartridges and toners as of July 2010. Ink recycling credit comes to Rewards members as
4484-484: The partnership. Skechers entered India through a JV with Future Group in 2012. Skechers ended the joint venture in February 2019 by buying 49% them out. French fashion Celio entered India in 2008 through a 50:50 joint venture with Future Group's then retail hand, Pantaloons Retail India Ltd (now Future Retail Ltd). In November 2013, Celio hiked its stake in the joint venture to 65%. C&J Clark International Ltd .
4560-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
4636-412: The purchase of Canada-based company, Claricom, from an investment group. The company was later sold to Platinum Equities and renamed NextiraOne. In 2002, Staples acquired Medical Arts Press, which became a subsidiary of Quill. In March 2005, Staples and Ahold announced a plan to include a Staples branded store-within-store section in all Stop & Shop Supermarkets and Giant Food stores throughout
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#17330852054994712-429: The purchase was blocked under antitrust grounds due to the consolidation that would result. After the failed acquisition, Staples began to refocus its operations to downplay its brick-and-mortar outlets and place more prominence on its business-to-business (B2B) services. In 2017, after its sale to Sycamore Partners , the company was effectively split into three "independently managed and capitalized" entities sharing
4788-485: The purchase, Sycamore implemented a major restructuring of the company, under which the chain's B2B business (Staples North American Delivery, also known as simply "Staples"), retail locations (Staples U.S. Retail), and Staples Canada would be split into three "independently managed and capitalized" entities under Sycamore. On April 9, 2019, Sycamore Partners conducted a dividend recapitalization , refinancing $ 5.4 billion in debt against its ownership of Staples, producing
4864-464: The slogan "Yeah, we've got that.", signifying their wide selection of products. This slogan was retired in 2003, to be replaced with "That was easy". Expanding on that theme, 2005 adverts featured a large red push-button marked "easy". In the United Kingdom, Staples had used the slogan "You want it. We've got it"; this changed to "That was Easy". Originally, the "Easy Button" was only intended to be
4940-601: The top retail companies listed in BSE , with market capitalization among the highest on the National Stock Exchange of India . Nearly all of its businesses are managed through sector-focused operating companies. The group promotes its fashion and sports brands Indigo Nation, Spalding, Lombard, and Bare, and FMCG brands Tasty Treat, Fresh & Pure, Clean Mate, Ektaa, Premium Harvest, Sach. Other operating companies address internal financial matters and consulting. The company
5016-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
5092-531: The two companies. Staples acquired the naming rights for the Staples Center in Los Angeles shortly before construction began in 1998. Staples also acquired Quill Corporation , an online and catalog retailer of office supplies, for about $ 685 million in cash and stock. Between 1999 and 2001, unsuccessful attempts to enter the telecommunications business were made as Staples created Staples Communications after
5168-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
5244-613: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
5320-529: Was "about helping businesses of all sizes as they create the most dynamic and productive work environments for their teams." The following month, CEO Mike Motz (who joined the company in 2019 to head Staples U.S. Retail) unveiled a new store concept known as "Staples Connect": it is aligned with a similar store concept being trialed by Staples Canada, featuring "Staples Studio" co-working areas and an auditorium-style "Spotlight" theater (which can be rented for sessions and events). The new concept will be trialed in
5396-520: Was announced to employees that Staples would be laying off hundreds of workers at their headquarters location. The layoffs were seen by some analysts as a preemptive tactic in case the merger did not receive regulatory approval from the Federal Trade Commission. On May 10, 2016, the U.S. District Court for the District of Columbia granted the FTC a preliminary injunction against the merger. As
5472-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
5548-529: Was headquartered in Gurgaon , NCR . In July 2015, the brand announced a strategic restructuring, introducing Ashish Garg and Ankita Dabas as the new leaders. In April 2016, FabFurnish became a Future Group company. On 13 April 2017, the Times of India reported that Future Group was likely to close FabFurnish. Generali is an Italian insurance company, operating in India through a joint venture with Future Group under
5624-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
5700-559: Was then merged into subsidiary Future Value Retail Ltd and later renamed Future Retail Ltd. On 21 November 2014, Future Consumer Enterprises Limited acquired 98% of Nilgris from Actis Capital and other promoters. With that, Nilgiris is a wholly-owned subsidiary of Future Consumer Enterprises Limited (FCEL). In May 2015, Future Group acquired Bharti Retail in a deal worth around ₹ 500 crore (equivalent to ₹ 755 crore or US$ 90 million in 2023). Bharti Retail operated 216 convenience stores, supermarkets and hypermarkets under
5776-637: Was unable to obtain one because his local dealer was closed for the Independence Day holiday. A frustration with the reliance on small stores for critical supplies combined with Stemberg's background in the grocery business led to a vision for an office supply superstore . The first store was opened in the Brighton neighborhood of Boston in 1986. Staples started with backing from private equity firms including Bain Capital ; Bain co-founder Mitt Romney served on
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