Sycamore Partners to acquire Staples, Inc. for an equity value of approximately $6.9 billion

FRAMINGHAM, Mass. & NEW YORK, 2017-Jul-04 — /EPR Retail News/ — Staples, Inc. (NASDAQ: SPLS or the “Company”) and Sycamore Partners, a leading private equity firm, today (June 29, 2017) announced that they have entered into a merger agreement in which investment funds managed by Sycamore Partners will acquire the Company in a transaction that values Staples at an equity value of approximately $6.9 billion. Under the terms of the merger agreement, all Staples’ stockholders will receive $10.25 per share in cash for each share of common stock they own, which represents a premium of approximately 20 percent to the 10-day volume weighted average stock price for Staples shares for the period ended April 3, 2017, the last trading day prior to widespread media speculation about a potential transaction.

Staples’ Board of Directors has unanimously approved the merger agreement and recommends that all Staples stockholders vote in favor of the transaction.

Robert Sulentic, Chairman of the Board, said, “Today’s announcement is the result of a comprehensive process in which our Board, with the assistance of a transaction committee comprised of independent directors, and outside financial advisors, explored and considered various alternatives to enhance value for our stockholders. Staples’ Board believes that this process has led to a transaction which is in the best interests of our stockholders, as well as Staples and its employees.”

The transaction is subject to customary closing conditions, including the receipt of regulatory and stockholder approval, and is expected to close no later than December, 2017. The closing is not subject to a financing condition.

“With an iconic brand, a winning strategy, and dedicated and passionate associates who are deeply focused on the customer, Staples is truly an outstanding enterprise,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We have tremendous confidence in CEO Shira Goodman and great

respect for the Staples management team and are excited about this opportunity to partner with them to accelerate long-term profitability.”

“The Sycamore Partners’ team shares Staples’ entrepreneurial spirit and long-term vision,” said Shira Goodman, Chief Executive Officer and President, Staples, Inc. “This transaction will enable us to drive greater value for our customers and immense opportunity for our business.”

Barclays and Morgan Stanley & Co. LLC are acting as financial advisors and Wilmer Hale LLP is acting as legal advisor to Staples.

UBS Investment Bank, BofA Merrill Lynch, Deutsche Bank, Credit Suisse, Royal Bank of Canada, Jefferies, Wells Fargo Bank, National Association and Fifth Third Bank are providing debt financing for the transaction. BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as financial advisors and Kirkland & Ellis LLP is acting as legal advisor to Sycamore Partners.

About Staples, Inc.

Staples brings technology and people together in innovative ways to consistently deliver products, services and expertise that elevate and delight customers. Staples is in business with businesses and is passionate about empowering people to become true professionals at work. Headquartered outside of Boston, Mass., Staples, Inc. operates primarily in North America. More information about Staples (NASDAQ: SPLS) is available at www.staples.com.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm’s strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. The firm’s investment portfolio currently includes Belk, Coldwater Creek, EMP Merchandising, Hot Topic, MGF Sourcing, NBG Home, Nine West Holdings, Talbots, The Limited and Torrid.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC

This filing may be deemed solicitation material in respect of the proposed acquisition of the Company by Sycamore Partners. The Company plans to file with the SEC and mail to its stockholders a Proxy Statement in connection with the transaction. This filing does not constitute a solicitation of any vote or approval. The Proxy Statement will contain important information about Sycamore Partners, the Company, the merger and related matters. Investors and security holders are urged to read the Proxy Statement carefully when it is available. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents filed with the SEC by Sycamore Partners and the Company through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of the Proxy Statement from the Company by contacting Staples Investor Relations department at investor@staples.com. In addition, the proxy statement and our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through our website at investor.staples.com as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.

The Company, and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the transactions contemplated by the merger agreement. Information regarding the Company’s directors and executive officers, including their ownership of the Company’s securities, is contained in the Company’s Annual Report on Form 10-K for the year ended January 28, 2017 and its proxy statement dated April 20, 2017, which are filed with the SEC. Investors and security holders may obtain additional information regarding the direct and indirect

interests of the Company and its directors and executive officers in the proposed transaction by reading the proxy statement and other public filings referred to above.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Statements in this press release regarding the proposed transaction between Sycamore Partners and the Company, the expected timetable for completing the transaction, future financial and operating results, future opportunities for the combined company and any other statements about Sycamore Partners and the Company managements’ future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” estimates and similar expressions) should also be considered to be forward looking statements, although not all forward-looking statements contain these identifying words. Readers should not place undue reliance on these forward-looking statements. The Company’s actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the Company may not be able to predict and may not be within the Company’s control. Factors that could cause such differences include, but are not limited to, (i) the risk that the proposed merger may not be completed in a timely manner, or at all, which may adversely affect the Company’s business and the price of its common stock, (ii) the failure to satisfy all of the closing conditions of the proposed merger, including the adoption of the merger agreement by the Company’s stockholders and the receipt of certain governmental and regulatory approvals in the U.S. and in foreign jurisdictions, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (iv) the effect of the announcement or pendency of the proposed merger on the Company’s business, operating results, and relationships with customers, suppliers, competitors and others, (v) risks that the proposed merger may disrupt the Company’s current plans and business operations, (vi) potential difficulties retaining employees as a result of the proposed merger, (vii) risks related to the diverting of management’s attention from the Company’s ongoing business operations, and (viii) the outcome of any legal proceedings that may be instituted against the Company related to the merger agreement or the proposed merger. There are a number of important, additional factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including the factors described in the Company’s Annual Report on Form 10-K for the year ended January 28, 2017 and its most recent quarterly report filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

Contact:
Staples, Inc.
Media Contacts:
Mark Cautela
508-253-3832
mark.cautela@staples.com

Investor Contact:
Chris Powers
508-253-4632
christopher.powers@staples.com

Joele Frank for Sycamore Partners
Michael Freitag or Arielle Rothstein
212-355-4449
media@sycamorepartners.com

Source: Sycamore Partners

Staples, Inc. announces the appointment of Michelle Bottomley as Chief Marketing Officer

Staples, Inc. announces the appointment of Michelle Bottomley as Chief Marketing Officer

 

FRAMINGHAM, Mass., 2017-May-29 — /EPR Retail News/ — Staples, Inc. (Nasdaq: SPLS) today (May 25, 2017) announced that Michelle Bottomley has been appointed Chief Marketing Officer (CMO). In this role, Bottomley will be responsible for marketing across Staples, helping to promote the company’s pivot to focusing on its North American Delivery business. She will report to Staples’ Chief Executive Officer and President Shira Goodman.

“Michelle brings tremendous breadth and balance in the marketing profession, and has a well-earned reputation as a leader of high-performing teams,” said Goodman. “Her strong background in business-to-business marketing, including working closely with and leading sales teams, and deep expertise in digital marketing will be critical as we transform Staples to be a solutions provider for businesses.”

Prior to joining Staples, Bottomley was Global Chief Marketing and Sales Officer at the human capital firm Mercer, where she helped significantly grow revenue through world-class branding, demand generation and data-driven digital experiences that integrated marketing and sales. Earlier in her career, she was Chief Marketing Officer for Barclaycard, one of the top five global credit card companies. Her ten-year career at Ogilvy & Mather included the significant growth of Ogilvy’s consulting organization and culminated in her role as Chief Operating Officer of Ogilvy’s flagship office in New York.

Bottomley replaces former CMO Frank Bifulco, who had previously announced his intention to retire in 2017, after three years leading Staples’ marketing organization and helping to launch the recent “It’s Pro Time” campaign.

Staples, Inc.

Staples brings technology and people together in innovative ways to consistently deliver products, services and expertise that elevate and delight customers. Staples is in business with businesses and is passionate about empowering people to become true professionals at work. Headquartered outside of Boston, Mass., Staples, Inc. operates primarily in North America, with additional offices in South America and Asia. More information about Staples (NASDAQ: SPLS) is available at www.staples.com.

Contact:
Mark Cautela
508-253-3832
Mark.Cautela@staples.com

Source: Staples, Inc.

###

Staples, Inc. completes sale of controlling interest in its European operations to a Cerberus Capital Management affiliate

FRAMINGHAM, Mass. & NEW YORK, 2017-Feb-28 — /EPR Retail News/ — Staples, Inc. (NASDAQ: SPLS) and Cerberus Capital Management, L.P. (“Cerberus”) today announced the completion of the sale of a controlling interest in Staples’ European operations to a Cerberus affiliate.Staples, Inc. will retain a 15 percent equity interest in the business, which has been separated into a privately-held company operating under the name Staples Solutions B.V. (“Staples Solutions”). Staples’ European business consists of retail, contract, and online businesses in 17 countries generating aggregate annual sales of approximately €1.7 billion.

“With the close of this deal, Staples’ global customers with a European presence will have their business needs met through the comprehensive services Staples Solutions will offer, while we will be able to fully devote our resources to growing our business in North America,” said Shira Goodman, Chief Executive Officer and President, Staples, Inc.

“We see great value in Staples Solutions and are confident that the company’s core strengths, when combined with an unwavering commitment to its customers and suppliers and Cerberus’ hallmark operational rigor, will strengthen Staples Solutions’ position as the leading provider of workplace products, services, and solutions to small, mid-sized, and large businesses in Europe,” said Steven F. Mayer, Co-Head of Global Private Equity and Senior Managing Director of Cerberus. “We have spent months getting to know the company and working side-by-side with its management team and its associates. Today, we are even more enthusiastic about our strategy to invest in key growth areas designed to improve the company’s competitiveness, position it for long-term sustainable growth, and capture opportunities that emerge from changes in the workplace products industry.”

As previously announced, upon today’s closing, Olof Persson, an executive with Cerberus’ operations team and the former President and CEO of Volvo Group, will become Chairman of Staples Solutions. Additional board members will include:

  • Stassi Anastassov, former President and Chief Executive Officer of Global Duracell, The Procter & Gamble Company
  • John Buchta, Senior Vice President, Tax and Treasurer of Staples, Inc.
  • Chan W. Galbato, Chief Executive Officer of Cerberus Operations and Advisory Company, LLC
  • Steven F. Mayer, Co-Head of Global Private Equity and Senior Managing Director of Cerberus Capital Management, L.P.
  • Peter Ventress, former Chief Executive Officer of Berendsen plc., International President of Staples, Inc., and Chief Executive Officer of Corporate Express NV

About Staples, Inc.
Staples helps business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop – in stores, online via mobile or through social apps. Staples Business Advantage, the business-to-business division, caters to mid-market, commercial and enterprise-sized customers by offering a one-source solution for the products and services they need, combined with best-in-class customer service, competitive pricing and a state-of-the-art ecommerce site. Headquartered outside of Boston, Staples, Inc. operates throughout North and South America, Asia, Australia and New Zealand. More information about Staples (NASDAQ: SPLS) is available at www.staples.com.

About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in three complementary strategies: operational private equity; global credit opportunities (including non-performing loans, corporate credit and distressed debt, mortgage securities and assets, and direct lending); and real estate. From its headquarters in New York City and network of affiliate offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.

Contact:

Mark Cautela
508-253-3832
mark.cautela@staples.com

Cerberus Capital Management, L.P.
Liz Micci
646-495-2700
emicci@gpg.com

Source: Staples, Inc.

Staples announces the appointment of Jeff Hall as Chief Administrative Officer and Vice Chairman

FRAMINGHAM, Mass., 2017-Jan-07 — /EPR Retail News/ — Staples, Inc. (Nasdaq: SPLS) today (Jan. 5, 2017) announced that it has appointed Jeff Hall to the newly created role of Chief Administrative Officer (CAO) and Vice Chairman.

In this new role, Hall will oversee Finance, Strategic Planning, Corporate Development, Investor Relations, Real Estate, Customer Service and High-Growth markets, and will report directly to Shira Goodman, Staples’ Chief Executive Officer and President.

“Jeff has a proven track record of helping transform companies in challenging industries, and of creating value for customers and shareholders,” said Goodman. “In this new position he will lead critical functions supporting Staples as we continue to execute our 20/20 transformation strategy.”

“I’m excited to join Staples in this new role,” said Hall. “Staples is an iconic brand and company that started an entire industry. Staples is already one of the largest e-commerce companies in North America, and with its strong delivery business and retail, I believe it has all the right assets to be successful in the long-term.”

Hall joins Staples from SunEdison Semiconductor, where for the past three years he served as Chief Financial Officer and Executive Vice President of Finance and Administration, responsible for Finance, Information Technology, and Human Resources. In that role, he oversaw both a successful IPO and a significant transformation of the company.

Prior to that, Hall was Executive Vice President and Chief Financial Officer at Express Scripts, where he helped drive the growth of the company from $20 billion in revenue to a $100 billion leader in pharmacy benefit management services through organic growth and strategic acquisitions.

About Staples, Inc.
Staples helps small business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop – in stores, online, via mobile or through social apps. Staples Business Advantage, the business-to-business division, caters to mid-market, commercial and enterprise-sized customers by offering a one-source solution for the products and services they need, combined with best-in-class customer service, competitive pricing and a state-of-the-art ecommerce site. Headquartered outside of Boston, Staples, Inc. operates throughout North and South America, Europe, Asia, Australia and New Zealand. More information about Staples (NASDAQ: SPLS) is available at www.staples.com.

Contact:
Mark Cautela
508-253-3832
Mark.Cautela@staples.com

Source: Staples, Inc.

Cerberus Capital Management, L.P. acquires controlling interest in Staples’ European operations

FRAMINGHAM, Mass. & NEW YORK, 2016-Dec-09 — /EPR Retail News/ — Staples, Inc. (NASDAQ:SPLS) and Cerberus Capital Management, L.P. (Cerberus) announced today (Dec. 7, 2016) that Staples and Cerberus have entered into an agreement in relation to the sale of a controlling interest in Staples’ European operations to a Cerberus affiliate. Staples’ European business consists of retail, contract, and online businesses in 16 countries generating aggregate annual sales of approximately €1.7 billion. Staples is retaining a 15 percent equity interest in the business and will be represented on its board of directors following the closing of the transaction. In accordance with applicable law, Staples will now consult relevant European works councils. Subject to these consultations and satisfaction of other conditions, the parties anticipate closing the transaction during the first quarter of Staples’ fiscal 2017 year.

“One of our top strategic priorities has been to narrow our geographic focus on North America, and this is an important step toward simplifying our operations and better positioning Staples for sustainable long-term growth,” said Shira Goodman, Chief Executive Officer and President, Staples, Inc. “We believe that working with Cerberus will help enable the future success of the Staples Europe business, benefiting our associates and customers in the region.”

“We intend to instill a keen sense of urgency, focus, and commitment throughout the entire Staples Europe organization, enhance the company’s competitive position across its markets and channels, and return the business to growth by capitalizing on its many assets, including its well-recognized brands, strong customer relationships, dedicated sales force, advanced distribution and IT infrastructure, comprehensive pan-European footprint, and talented management and associates,” said Steven F. Mayer, Co-Head of Global Private Equity and Senior Managing Director of Cerberus. “Our strategy is to invest in a variety of initiatives designed to strengthen Staples Europe’s position as the leading provider of solutions to small, mid-sized, and large businesses in Europe, including sales force expansion, further diversification of products and services beyond office supplies, and next-generation technologies. Our unrelenting focus throughout the organization will be on satisfying our customers and on operational execution.”

Upon closing of the transaction, the Staples Europe business will be separated into a privately-held company controlled by an affiliate of Cerberus. The new company will enter into a licensing agreement with Staples for the use of certain Staples intellectual property, including its brand, a global accounts agreement, and transition services agreement governing a variety of services for defined periods. The company will operate under the Staples banner name and other sub-brands in European markets, and its associates will continue to be employees of Staples Europe, which will maintain its headquarters in Amsterdam. Olof Persson, an executive with Cerberus’ operations team and the former President and CEO of Volvo Group, will be appointed executive chairman of the new company.

The agreement with Cerberus follows Staples’ recent announcement of the sale of its UK retail business to Hilco Capital Limited, which also aligned with Staples’ new strategic direction of right-sizing its international business.

Barclays is acting as exclusive financial advisor to Staples. Clifford Chance LLP is acting as legal advisor to Staples. Kirkland & Ellis LLP and Linklaters LLP are acting as legal advisors to Cerberus.

About Staples, Inc.

Staples helps small business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop – in stores, online via mobile or through social apps. Staples Business Advantage, the business-to-business division, caters to mid-market, commercial and enterprise-sized customers by offering a one-source solution for the products and services they need, combined with best-in-class customer service, competitive pricing and a state-of-the-art ecommerce site. Headquartered outside of Boston, Staples, Inc. operates throughout North and South America, Europe, Asia, Australia and New Zealand. More information about Staples(NASDAQ: SPLS) is available at www.staples.com.

About Cerberus Capital Management, L.P.

Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in four primary strategies: operational private equity, both control and non-control; distressed securities and assets; commercial mid-market lending; and real estate-related investments. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies, in countries around the world.

Media Contact:
Staples, Inc.
Mark Cautela
508-253-3832
mark.cautela@staples.com

Cerberus
Liz Micci
646-495-2702
emicci@gpg.com

Source: Staples, Inc.

Staples, Inc. to sell its UK retail business and operations to Hilco Capital Limited

FRAMINGHAM, Mass. & LONDON, 2016-Nov-18 — /EPR Retail News/ — Staples, Inc. (NASDAQ: SPLS) and Hilco Capital Limited (Hilco), today (Nov. 17, 2016) announced that they have reached an agreement for Staples to sell its UK retail business and operations to Hilco for nominal proceeds.

In May, Staples announced plans to explore strategic alternatives for its European operations as part of its new strategy.

“Agreeing to sell our UK retail business to Hilco aligns with our go-forward strategy of focusing on our North American and mid-market business, and is a meaningful step in that process,” said Shira Goodman, chief executive officer and president, Staples. “In addition, we continue to make good progress in evaluating strategic alternatives for the remainder of Staples Europe, which will let us streamline our operations, sharpen our focus and more aggressively pursue our mid-market growth strategy.”

The use of the Staples brand will be phased out by the UK retail business over the coming months.

Paul McGowan of Hilco Capital said, “We are pleased to have concluded a transaction with Staples, Inc. and look forward to working with the UK team. While retail in the UK has been challenged recently, a team led by retail veteran Alan Gaynor will work alongside the existing management team to build a plan for success for the business.”

About Staples, Inc.
Staples helps small business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop – in stores, online, via mobile or through social apps. Staples Business Advantage, the business-to-business division, caters to mid-market, commercial and enterprise-sized customers by offering a one-source solution for the products and services they need, combined with best-in-class customer service, competitive pricing and a state-of-the-art ecommerce site. Headquartered outside of Boston, Staples, Inc. operates throughout North and South America, Europe, Asia, Australia and New Zealand. More information about Staples(NASDAQ: SPLS) is available at www.staples.com.

About Hilco Capital
Having completed more than 100 transactions, Hilco Capital is a leading operator in the turnaround and restructuring sector in the UK, Europe, Canada and Australia.

Hilco Capital currently owns, among other retailers, HMV and was responsible for the successful turnaround of the business over the course of the last four years. In addition, earlier this year, Hilco managed the operations and ultimate transition of the 99p Stores business to Poundland following their acquisition of the 250 store retailer.

Contact:
Mark Cautela
508-253-3832
mark.cautela@staples.com

FTI Consulting for Hilco Capital
Jonathon Brill
00 44 7269 7170
Jonathon.Brill@fticonsulting.com

Source: Staples, Inc.

Staples announces the appointment of Shira Goodman as its President and CEO

FRAMINGHAM, Mass, 2016-Sep-27 — /EPR Retail News/ — Staples, Inc. (Nasdaq: SPLS) today (Sep. 26, 2016) announced the appointment of Shira Goodman as its President and Chief Executive Officer and as a member of its Board of Directors, effective immediately.

“After a comprehensive search process that included the evaluation of several qualified candidates for the position of Chief Executive Officer, the Board has approved Shira’s appointment. This decision was not only based on her long tenure and deep understanding of our industry, but also on the leadership qualities she has demonstrated while serving as interim Chief Executive Officer,” said Robert Sulentic, Independent Lead Director. “Having joined Staples in 1992, Shira has a thorough understanding of our customers and operations which she combines with the outside-in thinking critical to competing in today’s marketplace.”

During her career at Staples, Ms. Goodman has served in key leadership positions, including President, North American Operations; President, North American Commercial; Executive Vice President of Global Growth; Executive Vice President of Human Resources, and Executive Vice President of Marketing. Ms. Goodman was appointed interim Chief Executive Officer in May 2016.

“I am both honored and excited to become the Chief Executive Officer of Staples,” said Ms. Goodman. “I am committed to executing our Staples 20/20 strategy which is focused on accelerating growth with mid-market customers in North America and building on our momentum with products and services beyond office supplies. We have an incredible team of dedicated associates and I am proud to lead them as we transform our company and create long term shareholder value.”

About Staples, Inc.
Staples retail stores and staples.com help small business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop, all backed with a lowest price guarantee. Staples offers businesses the convenience to shop and buy how and when they want – in store, online, via mobile or though social apps. Staples.com customers can either buy online and pick-up in store or ship for free from staples.com with Staples Rewards minimum purchase. Expanded services also make it easy for businesses to succeed with in-store Business Centers featuring shipping services and products, copying, scanning, faxing and computer work stations, Tech Services, full-service Print & Marketing Services, Staples Merchant Services, small business lending and credit services.

Staples Business Advantage, the business-to-business division of Staples, Inc., helps mid-market, commercial and enterprise-sized customers make more happen by offering a curated assortment of products and services combined with deep expertise, best-in-class customer service, competitive pricing and state-of-the-art ecommerce site. Staples Business Advantage is the one-source solution for all things businesses need to succeed, including office supplies, facilities cleaning and maintenance, breakroom snacks and beverages, technology, furniture, interior design and Print & Marketing Services. Headquartered outside of Boston, Staples, Inc. operates throughout North and South America, Europe, Asia, Australia and New Zealand. More information about Staples (NASDAQ: SPLS) is available at www.staples.com.

Media Contact:
Bill Durling
508-253-2882

Investor Contact:
Chris Powers
508-253-4632

Source: Staples, Inc.

ICIC and Staples presented Caduceus a healthcare staffing and consulting firm with Business Growth Award

ATLANTA, 2016-Sep-27 — /EPR Retail News/ — The Initiative for a Competitive Inner City (ICIC) and FORTUNE announced September 14 that Atlanta based Caduceus, a healthcare staffing and consulting firm, topped the 2016 Inner City 100 list of the fastest-growing inner city businesses in the U.S. Caduceus was recognized by longtime ICIC partner Staples, Inc. for both its top place on the list, and for its growth rate of 3554 percent. Staples presented the company with the annual Staples Business Growth Award for this impressive rate.

Caduceus’s Chief Executive Officer, Carlos Lopez, a former Marine, decided to found the business in 2008 with the goal of staffing the military healthcare industry. A certified Service Disabled Veteran Owned Small Business (SDVOSB), Caduceus has succeeded in doing just that, while also expanding its services beyond healthcare to include scientific and technology related staffing as well. Carlos and his company are known for their commitment to both their employees and their customers, and undoubtedly this commitment has helped drive their growth.

Each year, ICIC works with a national network of nominating partners to identify, rank and spotlight rapidly-growing urban businesses. The top 100 are determined by revenue growth and are honored on the Inner City 100 list published in FORTUNE. This year’s full list of winners can be viewed at Fortune.com.

Before the September 14 Awards revelation, winners gathered for a full-day business symposium featuring management case studies from Harvard Business School professors and interactive sessions with top CEOs. Shira Goodman, Interim CEO at Staples, gave a keynote speech to open the event and touched on the challenges all businesses are facing due to the pace of change in today’s marketplace. “Good times and bad times come and go but as the leader of your business you get to teach and role model the kind of constancy, consistency, integrity, dependability and intensity that will allow your company to thrive in all seasons,” she said in congratulating the winners on making the Inner City 100 list.

Other notable speakers included Rapid 7 CEO Corey Thomas, Harvard Business School Professors Lynda Applegate and Amy Edmondson, Forbes Senior Editor Loren Feldman, John Stuart of PTC, Bithenergy CEO Robert Wallace, Brook Colangelo of Houghton Mifflin Harcourt, and ICIC Founder and Chairman Michael E. Porter.

“We are extraordinarily proud of these pioneering entrepreneurs who lead the way in economic revitalization in America’s inner cities,” says Steve Grossman, CEO of ICIC, of the list of 100.

The Inner City 100 program recognizes and supports successful inner city business leaders, and celebrates their role in providing innovation and job creation in America’s cities. These companies strengthen local American economies, provide job opportunities for underrepresented communities, and drive forward economic and social development.

Boasting an average five-year growth rate of 458 percent between 2011 and 2015, the 2016 Inner City 100 winners represent a wide span of geography, hailing from 42 cities and 25 states. Collectively, the winners employed 7,324 people in 2015, and on average over a third of their employees live in the same neighborhood as the company.

Highlights of the 2016 Inner City 100 include:

  • Employ 7,324 workers total in 2015.
  • Created 4,696 new jobs in the last five years.
  • On average, 34% of employees live in same neighborhood as the company.
  • Average company age is 16 years.
  • Average 2015 revenue was $12.2 million.
  • 34% are women-owned.
  • 37% are minority-owned.
  • 6% of the winners are certified B-Corps.
  • 26 industries represented in the top 100.

Inner City 100 Methodology: The Initiative for a Competitive Inner City (ICIC) defines inner cities as core urban areas with higher unemployment and poverty rates and lower median incomes than their surrounding metropolitan statistical areas. Every year, ICIC identifies, ranks, and spotlights the 100 fastest-growing businesses located in America’s inner cities. In 2016, Companies were ranked by revenue growth over the five-year period between 2011 and 2015. This list was audited by the independent accounting firm Rucci, Bardaro, and Falzone, PC.

Initiative for a Competitive Inner City (ICIC)
ICIC is a national nonprofit founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC’s mission is to promote economic prosperity in America’s inner cities through private sector investment that leads to jobs, income and wealth creation for local residents. Through its research on inner city economies, ICIC provides businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. The organization supports urban businesses through the Inner City 100, Inner City Capital Connections and the Goldman Sachs 10,000 Small Businesses programs. Learn more at www.icic.org or @icicorg.

Contact:
Matt Camp
617-238-3014
mcamp@icic.org

Source: Staples, Inc.

Staples, Inc. announces leadership changes

FRAMINGHAM, MA, 2016-Jan-28 — /EPR Retail News/ — Staples, Inc. (Nasdaq: SPLS) today announced leadership changes as it creates a more efficient, focused organization.

“We are streamlining the organization and building a simplified structure that will speed decision-making and enable us to focus on driving profitable growth,” said Ron Sargent, Chairman and Chief Executive Officer. “These changes will help us compete in a rapidly evolving marketplace, either as a standalone company or in combination with Office Depot.”

Shira Goodman, currently President, North American Commercial, has been named President, North American Operations. She will have responsibility for Staples’ business-to-business, online and retail operations across the United States and Canada. Goodman joined Staples in 1992 and played a key role in developing Staples’ delivery business model. She has served in a number of senior roles across the company, including strategy, marketing, human resources and operations.

John Wilson, currently President, Staples Europe, has been named President, International Operations and Transformation. He will have responsibility for operations inEurope, Australia, New Zealand, Latin America and Asia. He will also be responsible for the company’s strategy and overall transformation efforts. Wilson served as Chief Financial Officer at Staples from 1992-1996. He rejoined Staples in 2012 and will continue to be based in Amsterdam.

Demos Parneros, President, North American Stores and Online, announced his resignation from Staples, effective March 31. Otis Pannell, Senior Vice President, U.S Retail Operations, will have responsibility for retail operations in the United States and will report to Goodman. Pannell joined Staples in 1989, serving in a number of retail leadership positions across the United States.

“John, Shira and Otis have deep knowledge of Staples, and I’m very excited to work with them in their new roles as we position Staples for the future,” Sargent said. “I want to thank Demos for all he has done to help build Staples. Over nearly 30 years, he has played a significant role in making Staples the leader in our industry, touching countless people and developing many of our strongest leaders and associates. I will miss working with him as a valued colleague. “

About Staples
Staples makes it easy to make more happen with more products and more ways to shop. Through its world-class retail, online and delivery capabilities, Staples lets customers shop however and whenever they want, whether it’s in-store, online or on mobile devices. Staples offers more products than ever, such as technology, facilities and break room supplies, furniture, safety supplies, medical supplies, and Copy and Print services. Staples also offers free shipping for Staples Rewards Members, in most cases overnight. Headquartered outside of Boston, Staples operates in North and South America, Europe, Asia, Australia and New Zealand. More information about Staples (SPLS) is available at www.staples.com.

Source: Staples, Inc.

Staples, Inc.
Media Contact:
Kirk Saville, 508-253-8530
kirk.saville@staples.com
or
Investor Contact:
Chris Powers, 508-253-4632
Christopher.powers@staples.com