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Staples, Inc. Names Demos Parneros President, U.S. Superstores; Edward C. Harsant, President North American Superstores to Retire

Wednesday, April 24, 2002 7:00 am EDT

Dateline:

FRAMINGHAM, Mass.

Public Company Information:

NASDAQ:
SPLS
"Further driving our customer service culture presents a tremendous opportunity to Staples and will be my number one priority"

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Staples, Inc. today announced that Demos Parneros, a 15-year Staples veteran, has been named to the position of President of Staples U.S. Superstores. He will replace Edward C. Harsant, President of Staples North American Superstores who will retire on May 17, 2002.

As President of U.S. Superstores, Mr. Parneros, will have responsibility for Staples' 1,048 U.S. stores. "Demos brings a passion for customer service, as well as an excellent track record of generating sales," said Staples President and Chief Executive Officer Ronald L. Sargent. "His wealth of experience working with Staples customers and all facets of store operations are just what we need to fuel our continued growth. With the addition of Demos, we have the team in place to drive the future of Staples."

Mr. Parneros joined Staples in 1987 as a General Manager and has progressed through a wide variety of positions in the company's retail organization including Human Resources, Marketing, Merchandising and Store Operations. Currently he is the Divisional Senior Vice President responsible for 300 stores in the Northeast and Southeast. Mr. Parneros has been a major force in the adoption of the company's Back to Brighton strategy and increased focus on customer service initiatives.

"Further driving our customer service culture presents a tremendous opportunity to Staples and will be my number one priority," said Mr. Parneros. "This is a key component of achieving the goals of our Back to Brighton strategy of profitable sales growth, asset productivity and profit margin improvement."

"I am deeply appreciative of Ed's many contributions over the past seven years," said Mr. Sargent. "Ed delivered tremendous growth and record profitability for our Canadian business and launched our new Dover store format which is proving to be both a competitive advantage and critical growth vehicle for the future of Staples."

Steve Matyas, President of Staples Canada, will continue to have responsibility for the 195 Staples stores in Canada.

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 approximately 53,000 associates 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 December 11, 2001, which is on file with the Securities and Exchange Commission.

Contact:

Investor Contact:
Staples, Inc.
Laurel Lefebvre
Director, Investor Relations
508-253-4080
or
Media Contact:
Staples, Inc.
Deborah Hohler
Manager, Public Relations
508-253-8509
Deborah.hohler@staples.com

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