Staples explores sale of UK stores

Staples (NASDAQ:SPLS) is exploring a sale for its 107 stores in the U.K. as part of the retailer's plan to move forward without Office Depot.

The company has contracted KPMG to help broker a sale of the business or explore options that include a financial restructuring or a "company voluntary arrangement or administration" to handle creditors, according to The Telegraph.

Stores may be difficult to sell as they are in "poor retail park locations" and could be valued even lower following the Brexit vote.

Staples said in May it would explore options for its 259-store European unit after a federal judge allowed the Federal Trade Commission to block the proposed $6.3 billion merger with Office Depot on grounds it would harm large business customers.

For more:
- see this Telegraph story