The rapidly changing tools of the work place and the way we shop has led to another major consolidation in the retail office supply business as Staples announced the $6 billion acquisition of rival Office Depot.
The cash-and-stock deal deal comes a little more than a year after Office Depot combined with OfficeMax, with too many stores fighting for too few sales.
Businesses and consumers have shifted rapidly to online shopping at the same time that printers and the use of other traditional office supplies have diminished. That shift coincided with a recession that substantially altered the way companies spend money.
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Staples said that it is temporarily suspending its stock buybacks so that it can concentrate on paying down debt related to the deal.
Shares of Staples shed 22 cents to $18.79 in premarket trading.
