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Staples, Inc. Appoints Jevin S. Eagle Senior Vice President Of Strategy

Tuesday, November 20, 2001 7:00 am EST

Dateline:

FRAMINGHAM, Mass.

Public Company Information:

NASDAQ:
SPLS
"Jevin Eagle will be a great asset to our management team as we focus on profitable growth"

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Staples, Inc., (Nasdaq: SPLS) has hired Jevin S. Eagle, currently a partner with the consulting firm McKinsey & Co., Inc., as senior vice president of strategy, President and Chief Operating Officer Ronald L. Sargent announced today. Eagle, who starts Jan. 7, will report to Vice Chairman Basil L. Anderson.

"Jevin Eagle will be a great asset to our management team as we focus on profitable growth," said Sargent, who becomes Staples chief executive officer on Feb. 3, 2002. "While at McKinsey, Jevin developed strategies to help some of the world's largest retailers grow sales and profits and improve the performance of their stores."

"We are delighted to have someone with Jevin's proven strategic abilities at Staples," said Anderson, who recently joined Staples to oversee Finance, Strategy and business development. "We have brought Jevin to Staples so that he can help us develop strategies for creating shareholder wealth over time."

At McKinsey, where he has been employed since 1993, Eagle has specialized in serving retailers and is a co-leader of the retail practice. While working in the retail practice, he designed and executed a multi-year store renewal program at one of the world's 10 largest retailers that resulted in a significant increase in sales companywide. Eagle also helped one of the world's largest specialty retailers increase same-store sales substantially by developing growth initiatives for the core business. In addition, he managed a leadership transition and developed a profit improvement program for a top-line electronics retailer.

Eagle graduated from the Harvard Graduate School of Business Administration as a George F. Baker Scholar. He is a Summa Cum Laude and Phi Beta Kappa graduate of Dartmouth College. He and his family live in the Boston area.

About Staples

Staples, Inc. is an $11 billion retailer of office supplies, business services, furniture and technology to consumers and businesses from home-based businesses to Fortune 500 companies in the United States, Canada, the United Kingdom, Germany, the Netherlands and Portugal. Headquartered outside Boston, Staples invented the office superstore concept and today is the largest operator of office superstores in the world. The company has over 50,000 employees serving customers through more than 1,400 office superstores, mail order catalogs, e-commerce and a contract business. More information about the company is available at http://www.staples.com.

Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including risks related to Staples' ability to compete in its highly competitive market, Staples' ability to continue to successfully open new stores, Staples' quarterly operating results being subject to significant fluctuation, Staples' stock price fluctuating based on the expectations of professional securities analysts, the strain on operations due to Staples' rapid growth which can affect operating results, the ability of Staples' foreign operations and Staples.com to become profitable and the ability of Staples to obtain adequate future financing. Additional information concerning these factors is contained in Staples' Quarterly Report on Form 10-Q dated September 17, 2001, which is on file with the Securities and Exchange Commission.

Contact:

INVESTOR CONTACT:
Laurel Lefebvre
Director, Investor Relations
508-253-4080
or
MEDIA CONTACTS:
Tom Nutile
Vice President, Public Relations
508-253-1833
or
Deborah Hohler
Public Relations Manager
508-253-8509

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