Staples reached an agreement to sell its UK retail business and operations to Hilco Capital for nominal proceeds.

“Agreeing to sell our UK retail business to Hilco aligns with our go-forward strategy of focusing on our North American and mid-market business, and is a meaningful step in that process,” said Shira Goodman, chief executive officer and president, Staples. “In addition, we continue to make good progress in evaluating strategic alternatives for the remainder of Staples Europe, which will let us streamline our operations, sharpen our focus and more aggressively pursue our mid-market growth strategy.”

The Staples brand will be phased out by the UK retail business over the coming months.

Paul McGowan of Hilco Capital said, “We are pleased to have concluded a transaction with Staples and look forward to working with the UK team.

While retail in the UK has been challenged recently, a team led by retail veteran Alan Gaynor will work alongside the existing management team to build a plan for success for the business.”