Philly – by Joseph N. DiStefano
UPDATE: The American Postal Workers Union says it “will vigorously oppose” the “monopolistic and unlawful” Staples-Office Depot merger before the U.S. Department of Justice and the Federal Trade Commission. The union says in a statement that the U.S. Postal Service “plans to transfer USPS work to Staples in order to reduce employment and hours of service to the public in neighborhood post offices.” Staples and Office Depot pay lower wages and less benefits than the Postal Service.
EARLIER: In a move expected to accelerate the shutdown of office-supply stores across the U.S., Staples Inc. has agreed to pay stock worth $6.3 billion to acquire rival Office Depot, which last year absorbed the former Office Max chain. The price works out to $11 per Office Depot share, up from $7.60 on Monday (Office Depot shares started rising Tuesday as deal rumors were reported in the financial news). Continue reading “1,000 stores likely to close, as Staples buys Office Depot”