It hasn’t been that easy for Staples Inc. Its stock, at $15.80 on Jan. 7, closed at $11.42 Tuesday after Goldman Sachs cut its rating to “sell” and its price target to $11, saying Staples’ investments will offset the benefits of closing stores and cutting costs. The office supplies company named Frank Bifulco executive vice president for marketing, a new post. He was Home Depot’s marketing chief. Staples is shutting 225 stores amid rising competition from Amazon.com and sluggish demand for office supplies. It also has a larger rival since Office Depot bought OfficeMax in November.
Staples stocks slips after rating is downgraded
