Financial strugglesStaples is known for bringing technology and people together in innovative ways to consistently deliver products, services and expertise that elevate and delight customers. Staples is in business with businesses and is passionate about helping businesses work better. However, in recent years, their total sales revenue has declined sharply. In 2020, Staples had sales of approximately 8.67 billion U.S. dollars, a sharp decline from 2011, when they had sales of 24.7 billion U.S. dollars.
Branding woesThe company's advertising expenditure has also dropped showing a noticeable shift in marketing tactics from the retailer known for their memorable “That was easy” sales campaign. The 2005 ad campaign featured disgruntled office employees presented with a large, red push-button marked “Easy”. Upon pushing, the button chimed “that was easy!” while magically renovating their office space with the most up-to-date equipment and furniture, all available at Staples.
In 2017, Staples was acquired by Sycamore Partners a private equity firm based in New York. Staple's has been struggling to revive it's falling sales as individual and business customers increasingly turn to online shops, such as Amazon, that can afford to offer deep discounts.