The office-supply retailer is seeking buyers for its Chinese business as part of a downsizing initiative.
Cetus News reports that US-based office-supplies retailer, Staples, “is moving forward with plans to sell its operations in China” as it seeks to downsize and focus, instead, on its North American business.
In March this year, Staples sold both its Australian and New Zealand subsidiaries to Platinum Equity LLC. The retailer also previously “sold a majority stake in its European business to private-equity firm Cerberus Capital Management LP”.
Staples, which was a public company until its recent, well-documented buy-out by Sycamore Partners, “is talking to potential buyers in Asia, with a round of bids due in a couple of weeks”.
An insider source revealed that “The deal is likely to be small”.