Staples To Be Sold

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The office supply giant Staples announced Wednesday afternoon that the company has negotiated a sale to a private equity company in New York City for $6.9 billion.

Staples Inc., headquartered in Framingham, Massachusetts, opened its first store in Brighton in 1986.

The company played an indirect role in the 2012 presidential race, as former Massachusetts governor and then-Republican nominee Mitt Romney touted his role in providing venture capital for the company when it was a startup.

The company experienced explosive growth during its early years, but has seen declining sales recently that forced it to close some of its stores.

The sale, to Sycamore Partners, must be approved by government regulators and stockholders in order to go through.

The deal is expected to close by December 2017.