A private equity firm, the Sycamore Group, has purchased Staples, the office supply chain for $6.9 billion US. The acquisition, expected to close by year end is considered a response to changing buying habits of consumers. On line sales yield better profit margins than the traditional bricks and mortar stores.
Northumberland 89.7 contacted management at the Staples store in Cobourg. No one was authorized to comment on the transfer of ownership or whether store closings will ensue under private ownership.