In the Matter of Staples/Essendant, Inc., File No. 1810180 #00153

Submission Number:
00153
Commenter:
Patricia Cabarga
State:
North Carolina
Initiative Name:
In the Matter of Staples/Essendant, Inc., File No. 1810180
I urge the FTC to step in and block the Staples/Essendant merger, as it presents an unacceptable threat to competition. Sycamore Partners, the firm that owns Staples, has already shut down most Nine West stores and picked apart companies like Hot Topic and Aeropostale to try to extract as much value as possible. Private equity funds allow the wealthy to pool their money to buy out profitable companies, like Staples. The private equity fund then loads up the company with debt while slashing wages, benefits, and jobs, all to make more money for the wealthy investors. If this merger goes through, investors in a private equity fund will have more power to reduce competition, close stores, and lay off workers.