Upcoming AWS Coverage on The Finish Line Post-Earnings Results

LONDON, UK / ACCESSWIRE / December 8, 2016 / Active Wall St. blog coverage looks at the headline from Staples Inc. (NASDAQ: SPLS) as the Company and Cerberus Capital Management, L.P. announced on December 07th, 2016, that they have entered into an agreement in relation to the sale of a controlling interest in Staples' European operations to a Cerberus affiliate. According to Reuters the sale price was 50 million Euros ($53.65 million). Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

One of Staples' competitors within the Specialty Retail, Other space, The Finish Line, Inc. (NASDAQ: FINL), announced its third quarter fiscal 2017 financial results conference call on Wednesday, December 21, 2016 at 8:30 a.m. ET. AWS will be initiating a research report on Finish Line in the coming days.

Today, AWS is promoting its blog coverage on SPLS; touching on FINL. Get all of our free blog coverage and more by clicking on the links below:

http://www.activewallst.com/registration-3/?symbol=SPLS

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Staples' European division of retail, contract, and online businesses in 16 countries generate aggregate annual sales of approximately ?1.7 billion. Staples will retain a 15% equity interest in the business and will be represented on its board of directors following the closing of the transaction. Subject to consultations and satisfaction of other conditions, Staples and Cerberus expect the transaction to complete in Q1 FY17.

Commenting on the deal Shira Goodman, Chief Executive Officer and President of Staples stated:

"One of our top strategic priorities has been to narrow our geographic focus on North America, and this is an important step toward simplifying our operations and better positioning Staples for sustainable long-term growth."

Steven F. Mayer, Co-Head of Global Private Equity and Senior Managing Director of Cerberus also shared his thoughts on the deal:

"We intend to instil a keen sense of urgency, focus, and commitment throughout the entire Staples Europe organization, enhance the company's competitive position across its markets and channels, and return the business to growth by capitalizing on its many assets, including its well-recognized brands, strong customer relationships, dedicated sales force, advanced distribution and IT infrastructure, comprehensive pan-European footprint, and talented management and associates."

Upon closing of the transaction, Staples Europe business will be separated into a privately-held company controlled by an affiliate of Cerberus, Staples stated in the release. The new company will enter into a licensing agreement with Staples for the use of certain Staples intellectual property, including its brand, a global accounts agreement, and transition services agreement governing a variety of services for defined periods. The company will operate under the Staples banner name and other sub-brands in European markets, and its associates will continue to be employees of Staples Europe, which will maintain its headquarters in Amsterdam. Olof Persson, an executive with Cerberus' operations team and the former President and CEO of Volvo Group, will be appointed executive chairman of the new company.

The agreement with Cerberus follows Staples' recent announcement of the sale of its UK retail business to Hilco Capital Limited, which also aligned with Staples' new strategic direction of right-sizing its international business.

Stock Performance

On December 07th, 2016, Staples' share price finished yesterday's trading session at $9.95, marginally up 0.61%. A total volume of 10.77 million shares exchanged hands, which was higher than the 3 months average volume of 7.90 million shares. The stock has rallied 29.22% and 15.61% in the last month and past three months, respectively. Furthermore, since the start of the year, shares of the company have gained 9.40%. The stock has a dividend yield of 4.82% and currently has a market cap of $6.49 billion.

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SOURCE: Active Wall Street