Report : Staples Moving Forward With Plans To Sell Operations In China

(RTTNews) - Staples Inc. is moving forward with plans to sell its operations in China, as it looks to focus on its business closer to home, the Wall Street Journal reported citing people familiar with the matter.

The U.S. office-supply retailer is talking to potential buyers in Asia, with a round of bids due in a couple of weeks. The report said.

The company is divesting its China business as part of a plan announced last year to downsize stores and focus on its North American business. Staples in March sold its Australia and New Zealand operations to U.S. buyout shop Platinum Equity LLC. It sold a majority stake in its European business to private-equity firm Cerberus Capital Management LP in December.

Staples, was recently bought out by Sycamore Partners, a U.S. private-equity firm, for about $6.9 billion. The company decided to sell itself after failing to merge with its key rival Office Depot Inc. last year.