Private equity firm Sycamore Partners is buying office supplies chain Staples for $6.9 billion. The companies said Wednesday that shareholders of Framingham, Massachusetts-based Staples will get $10.25 per share.
Staples sold for $6.9 billion
Office Depot Unveils Office Seating with Serta iComfort Technology
Office Depot, Inc. today debuted the latest in seating options – the Serta® iComfort® for WorkPro® i5000 collection of chairs. The brand collaboration between Serta and WorkPro "brings top-of-the-line technology for utmost comfort while working."
Haworth Acquires Luminaire
The Miami Herald is reporting this afternoon that the founders of Luminaire, the high-end modern-design furniture retailer with an international profile that's been a Miami institution since the 1970s, have sold a majority interest in the business to Haworth, the Michigan-based office-furniture giant.
You can now buy the iconic Eames Lounge Chair and Ottoman at CostCo
It’s one of the most iconic pieces of mid-century modern architecture — and you can get it now at CostCo (provided you’re a member).
For just $3,899.99 you can get one yourself (with free shipping!). That might seem steep, but it’s a solid $1,407 less than you’d get if you bought directly from Herman Miller.
Design Within Reach Triples Its Footprint in Atlanta
Design Within Reach today announces the opening of its new retail space in Atlanta, a ground-up collaboration between DWR and New York-based architectural firm DFA in the Westside Provisions District. The 13,000-square-foot location in West Midtown replaces the company's previous location in Buckhead and reflects its brand philosophy in an environment that celebrates great design.
Staples to Close 70 Stores in North America
Staples Inc. suffered its worst stock decline in almost seven months after the company posted disappointing results and announced plans to shutter 70 stores in North America.
Same-store sales in the region declined 7 percent during the fourth quarter, the Framingham, Massachusetts-based company said on Thursday. Earnings came in at 25 cents a share in the period, excluding some items. That was a penny less than analysts estimated.
Vitra Pop Up Shop in NYC
Just across the street from the Whitney Museum in New York's Meatpacking district, Swiss design manufacturer Vitra has popped up in a temporary store. The 7,500 sq ft warehouse-like location is home to the brand's accessories collection, as well as Artek furniture ranges and new novelties from Jasper Morrison's collection. Doubling as Vitra's temporary US headquarters, the store also stars Konstantin Grcic's functional, flexible 'Hack' office systemin a boundary-busting experiment in creative, contemporary working.
Until end of May. At 100 Gansevoort St, New York, NY 10014
Ikea encourages furniture hacking with its new modular sofa
For as long as time, people have been reinterpreting Ikea furniture with their wildest imaginations, creating everything from an Ikea Eames Lounge Chair to a boisterous coworking space to all kinds of oddities in between. And now, the Swedish retailer wants to be a part of that action.
According to the Wall Street Journal, Ikea plans to start selling a modular sofa in 2018 that’s intended to be “hacked” with add-ons—like apps on a smartphone. For those following Ikea closely, the Delaktig sofa would be the first product from the much-teased “top secret” collaboration with British designer Tom Dixon.
Billed as a mid-range option priced between $399 and $899, the flatpack Delaktig sofa is made of an extruded aluminum frame that’s 40 percent recycled and a wood-slat base. The design will allow for easy clip-ons like a lamp, side table, armrests, and more. It would also welcome whatever hacks third-party designers can think of.
Design Within Reach Marks 15th Year in Portland with New 26,000 Square Foot Space
Design Within Reach, the largest retailer of authentic modern furniture and accessories in the world, today announces the opening of its newest retail space in Portland, Ore., located in the North Pearl District's Stagecraft Building, a circa 1890 two-story brick warehouse that originally served as a distribution center for pottery and housewares.
Ikea’s 3D-knitted armchair is lightweight and durable
As part of its triennial, limited-edition, and often experimental “PS collection,” Ikea has released a 3D-knitted armchair that is both lightweight and durable. Fabricated using a process that, according to Dezeen, is most commonly associated with Nike’s Flyknit line of shoes, the mesh-like material covering the frame of the chair offers flexibility and support without relying on bulky foam.
Because the process relies on computer-operated machines to weave pieces based on a digital design, the manufacturing process becomes more streamlined, and can also be easily integrated into a supplier’s existing operations, explains Sarah Fager, the chair’s designer: “It's a really smart way to produce things, since it's fully automized.”
Herman Miller's New Retail Store Is Like A Shoppable Dreamhome
Herman Miller, America's most famous design brand, opened its only retail store in North America this week, and there's plenty to ogle within the 6,000-square-foot space. Filled with furniture, lighting, and accessories—manufactured not only by Herman Miller but also by independent designers and sourced from the Chicago auction house Wright—the store is designed to embody the Herman Miller lifestyle.
"It's important that we don't envision us as just a furniture store, but that for the consumer, can we help you imagine a modern way to live?" Herman Miller's executive creative director Ben Watson told Co.Design earlier this year. Organized into room vignettes—think fully furnished living rooms, dining rooms, kids rooms, and more—the store achieves just that.
Herman Miller Broadens Consumer Reach with New York City Retail Store
Global design manufacturer Herman Miller, Inc. today announced the opening of a Herman Miller-branded retail store anchoring the company's New York City flagship. Open to the public as of Tuesday, November 22, 2016, the store occupies 6,000 SF on the ground and second floors of Herman Miller's multi-level presence at 251 Park Avenue South in Manhattan. The store is part of Herman Miller's transformation into a premium lifestyle company, and will offer consumers the opportunity to connect with Herman Miller through a new channel.
Staples Offloads U.K. Business For ‘Nominal’ Amount To Focus on Core
Staples Inc. sold its U.K. business for “nominal proceeds,” a move that experts say may be followed by other embattled retailers that want to shed unprofitable businesses to focus on their core lines.
The deal, announced on Thursday with Northbrook, Ill., Hilco Capital Ltd., a restructuring and turnaround investor, allows Staples to get rid of underperforming assets without having to search for a strategic buyer that might never materialize or deal with the distraction and expense of winding it down, experts say.
Staples’ U.K. business generated $302 million in sales over the last fiscal year but just $177 million during the first nine months of the current year, and consisting of more than 100 locations. The operating loss narrowed to $6 million from $17 million last year.
Staples Q3 Sales Fall Short of Estimates
Staples (SPLS) this morning reported third-quarter profit and revenue that fell from a year ago as the office supplies retailer attempts to adjust to an increasingly digital work environment. Revenue declined 4% year-over-year to $5.36 billion in the most recent period, missing the FactSet consensus of $5.40 billion. Comparable-store sales were down 4% in the period, while analysts were anticipating a decline of just 3.2%. Comparable sales, which combines comparable store sales and Staples.com sales growth, and excludes currency impact, were down 3%. This decline was driven by weakness in ink and toner, business machines, technology accessories and mobility, the company said in a statement.
Five ways design is changing the way we shop
Retailers are now operating in the era of the so-called ‘digital native’, which presents a significant opportunity for brands executing interactive digital design as part of the shopping experience. See here for a recent Design Week/IBM exploration on How to Execute the Perfect Interactive Experience within retail.
West Elm Reinvents Its Office—And Itself
West Elm's new office in a converted warehouse on the Brooklyn waterfront looks, in a word, Brooklyn. Exposed wood beams? Check. Polished concrete floors? Yes. Brick walls? Of course. Swanky furniture? Naturally. The space embodies the warm-modern sensibility that has brought the brand financial success in the past few years. But look more closely at the composition—handmade goods, office furniture, and artwork all manufactured by West Elm and its partners—and you'll see a physical representation of the brand's growth and evolution, from a residential retailer into a design behemoth as it spins its trademark domestic aesthetic into the world of offices and hotels.
Staples Tumbles to Near 20-Year Low in Wake of Failed Merger
Staples (SPLS) fell to lowest in almost 20 years on Tuesday as the office-supply giant closes stores and watches its customers patronize online rivals.
Shares fell to $7.75, the lowest since December 1997, and are now down about 19% so far this year. On Wednesday Staples rose $0.05 to close at $7.80 Over the past year, Staples' stock had shed an astounding 36% compared a 6.6% gain for the S&P 500.
Enthusiasm on Wall Street is hard to find in the wake of Staples' failed bid earlier in the year to merge with smaller rival Office Depot (ODP) . The aftermath has left it vulnerable to growing competition from Amazon (AMZN) , Walmart (WMT) and others in office supplies. As a result of that vulnerability, Staples' recent ugly financial performances may worsen.
Staples saw same-store sales at its more than 1,600 stores in the U.S. and Canada fall 4% in the second quarter. Execs pinned the blame on weak store traffic. Operating income for the North America stores segment fell 57% year over year to $12 million. Sales plunged in tablets, tech accessories, ink, toner and office supplies. To add insult to injury, same-store sales for Staples.com rose a meager 1%.
Design Within Reach Doubles Down with its New Space in the Nation's Capital
Design Within Reach has opened a beautiful new Studio in the Georgetown neighborhood of Washington, D.C., just a few doors away from its previous home on M Street. The new Georgetown Studio presents the largest stage for authentic modern design in the Metro DC area and local shoppers can expect to see DWR shopping bags popping up on the arms of clientele since the location will be home to the first-ever in-Studio Chilewich shop.
Revolutionary: Studio-Tag Is a One-Stop Shop for Commercial Interiors
When Studio-Tag opened in the Plant Building near New York City’s Times Square in April, it introduced a concept for commercial interiors as revolutionary as the tunes that John Lennon and Jimi Hendrix once recorded there. Studio-Tag is a one-stop shop for contract and hospitality interiors — with glass, lighting, flooring, textiles and furniture all in one place. Before it debuted, those products were scattered across Manhattan, and they were hardly curated. Studio-Tag changed all that inside its new 6,200-square-foot studio and gallery.
Office Depot Rebrands Workspace Interiors by Office Depot / Partners with Inscape
Office Depot, Inc., a global provider of office products, services, and solutions, through its Office Depot and OfficeMax brands, today announced the launch of the newly branded Workspace Interiors by Office Depot, an interiors solution provider. Workspace Interiors by Office Depot offers businesses of any size comprehensive support through every stage of an office renovation, from concept to completion. Office Depot also announced a partnership with Inscape.