June 29 (UPI) -- Brick and mortar office supply giant Staples has been sold to a private equity form for $6.9 billion.
Sycamore Partners, which specializes in buying retailers and currently owns Hot Topic, Nine West and Dollar Express, among others made the purchase announcement Wednesday.
"With an iconic brand, a winning strategy, and dedicated and passionate associates who are deeply focused on the customer, Staples is truly an outstanding enterprise," said Stefan Kaluzny, Managing Director of Sycamore Partners, in a press release.
Staples has been experiencing financial disappointments in recent years.
With stiff competition from online retailers, including Amazon, the company sought to merge with fellow brick and mortar office supply giant, Office Depot.
However, a federal judge blocked the move in May 2016.
Less than one year later in March, Staples announced it would close 70 stores. The announcement was made after the company reported a $548 million during the first quarter of 2017.
Staples CEO Shira Goodman hopes for better fortunes with Sycamore Partners.
"With the support of Sycamore and as a private company, we will be better equipped to continue to transform to meet changing customer needs in an ever-evolving and competitive marketplace," Goodman said in an emailed statement.
Bloomberg reported that several banks and investment firms teamed up for the sale, including UBS Group AG, Bank of America Corp.'s Merrill Lynch, Deutsche Bank AG, Credit Suisse Group AG, Royal Bank of Canada, Jefferies Group LLC, Wells Fargo & Co. and Fifth Third Bank.
"The Sycamore Partners' team shares Staples' entrepreneurial spirit and long-term vision," Goodman said. "This transaction will enable us to drive greater value for our customers and immense opportunity for our business."