<PAGE> 1
As filed with the Securities and Exchange Commission on September 28, 1995
Registration Statement No. 33-
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM S-3
----------------------
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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STAPLES, INC.
(Exact name of registrant as specified in its charter)
----------------------
DELAWARE 04-2896127
(State or other juris- (I.R.S. Employer
diction of incorpora- Identification No.)
tion or organization)
100 PENNSYLVANIA AVENUE
P.O. BOX 9328
FRAMINGHAM, MASSACHUSETTS 01701-9328
(508) 370-8500
(Address, including zip code, and
telephone number, including area code,
of registrant's principal
executive offices)
----------------------
PETER M. SCHWARZENBACH
VICE PRESIDENT AND
GENERAL COUNSEL
STAPLES, INC.
100 PENNSYLVANIA AVENUE
P.O. BOX 9328
FRAMINGHAM, MASSACHUSETTS 01701-9328
(508) 370-8500
(Name, address, including zip code, and
telephone number, including area code,
of agent for service)
Copy to:
Patrick J. Rondeau, Esq.
HALE AND DORR
60 State Street
Boston, Massachusetts 02109
(617) 526-6000
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: AS SOON AS
PRACTICABLE AFTER THIS REGISTRATION STATEMENT BECOMES EFFECTIVE.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. / /
<PAGE> 2
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. /X/
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registrations statement number of the earlier
effective registration statement for the same offering. / /
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. / /
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. / /
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
Proposed Proposed
Maximum Maximum Amount
Amount Offering Aggregate of Regis-
Title of Each Class to be Price Per Offering tration
of Securities to be Registered Registered Share(1) Price(1) Fee
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, $.0006 par value.......... 328,970 $27.44 $9,026,937 $3,113
shares
<FN>
(1) Estimated solely for purposes of calculating the registration fee pursuant
to Rule 457(c) and based upon prices on the Nasdaq National Market on
September 22, 1995.
</TABLE>
The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
shall determine.
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<PAGE> 3
SUBJECT TO COMPLETION DATED SEPTEMBER 28, 1995
328,970 Shares
STAPLES, INC.
Common Stock
---------------------
The shares of common stock, $0.0006 par value per share (the "Common
Stock"), of Staples, Inc. ("Staples" or the "Company") covered by this
Prospectus are issued and outstanding shares which may be offered and sold, from
time to time, for the account of a certain stockholder of the Company (the
"Selling Stockholder"). See "Selling Stockholder." The shares of Common Stock
covered by this Prospectus were issued to the Selling Stockholder in a private
placement made in connection with the acquisition of Spectrum Office Products
Inc. by Staples through a merger completed on March 7, 1994. All of the shares
offered hereunder are to be sold by the Selling Stockholder. The Company will
not receive any of the proceeds from the sale of the shares by the Selling
Stockholder.
The Selling Stockholder may from time to time sell the shares covered by
this Prospectus on the Nasdaq National Market in ordinary brokerage
transactions, in negotiated transactions, or otherwise, at market prices
prevailing at the time of sale or at negotiated prices. See "Plan of
Distribution." The Common Stock is traded on the Nasdaq National Market under
the symbol SPLS.
----------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY
OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
---------------------
The date of this Prospectus is October __, 1995.
<PAGE> 4
AVAILABLE INFORMATION
The Company is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance
therewith files reports and other information with the Securities and Exchange
Commission (the "Commission"). Reports, proxy statements and other information
filed by the Company with the Commission pursuant to the informational
requirements of the Exchange Act may be inspected and copied at the public
reference facilities maintained by the Commission at 450 Fifth Street, N.W.,
Washington, D.C. 20549 and at the Commission's regional offices located at 7
World Trade Center, Suite 1300, New York, New York 10048, and at Citicorp
Center, 500 West Madison Street, Suite 1400, Chicago, Illinois 60661. Copies of
such materials also may be obtained from the Public Reference Section of the
Commission at 450 Fifth Street, N.W., Washington, D.C. 20549 at prescribed
rates. The Common Stock of the Company is traded on the Nasdaq National Market.
Reports and other information concerning the Company may be inspected at the
National Association of Securities Dealers, Inc., 1735 K Street, N.W.,
Washington, D.C. 20006.
The Company has filed with the Commission a Registration Statement on Form
S-3 under the Securities Act of 1933, as amended (the "Securities Act"), with
respect to the shares of Common Stock offered hereby. This Prospectus does not
contain all the information set forth in the Registration Statement and the
exhibits and schedules thereto, as certain items are omitted in accordance with
the rules and regulations of the Commission. For further information pertaining
to the Company and the shares of Common Stock offered hereby, reference is made
to such Registration Statement and the exhibits and schedules thereto, which may
be inspected without charge at the office of the Commission at 450 Fifth Street,
N.W., Washington, D.C. 20549, and copies of which may be obtained from the
Commission at prescribed rates.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed by the Company with the Commission are
incorporated herein by reference:
(1) The Company's Annual Report on Form 10-K for the fiscal year ended
January 28, 1995, as amended by Amendment No. 1 on Form 10-K/A;
(2) The Company's Quarterly Report on Form 10-Q for the quarter ended April
29, 1995 and July 29, 1995; and
(3) The Company's Current Report on Form 8-K dated September 12, 1995.
(4) The Company's Registration Statement on Form 8-A dated April 7, 1989
registering the Common Stock under Section 12(g) of the Exchange Act.
All documents filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date hereof and
prior to the termination of the offering of the Common Stock registered hereby
shall be deemed to be incorporated by reference into this Prospectus and to be a
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<PAGE> 5
part hereof from the date of filing such documents. Any statement contained in a
document incorporated or deemed to be incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Prospectus to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Prospectus.
The Company will provide without charge to each person to whom this
Prospectus is delivered, upon written or oral request of such person, a copy of
any or all of the foregoing documents incorporated by reference into this
Prospectus (without exhibits to such documents other than exhibits specifically
incorporated by reference into such documents). Requests for such copies should
be directed to the Secretary of the Company, 100 Pennsylvania Avenue, P.O. Box
9328, Framingham, Massachusetts 01701-9328; telephone (508) 370-8500.
Except as otherwise noted, all information in this Prospectus reflects the
three-for-two splits of the Company's Common Stock effected in the form of 50%
stock dividends in December 1993, October 1994 and July 1995.
NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS IN CONNECTION WITH THIS OFFERING OTHER THAN THOSE CONTAINED IN
THIS PROSPECTUS AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION AND
REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE
COMPANY. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE HEREUNDER
SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO
CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE HEREOF OR THAT THE
INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE.
THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES OTHER THAN THE REGISTERED SECURITIES TO WHICH IT
RELATES. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY SUCH SECURITIES IN ANY CIRCUMSTANCES IN WHICH SUCH OFFER OR
SOLICITATION IS UNLAWFUL.
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<PAGE> 6
THE COMPANY
Staples pioneered the office supplies superstore concept in 1986 and is a
leading office supplies distributor with approximately 400 retail superstores in
North America, as well as a direct mail delivery business and contract stationer
operations. The Company's retail superstores serve small businesses and home
office customers as well as consumers by offering one-stop shopping for their
office products needs at prices substantially below those customarily available
from traditional sources. Additionally, the Company's mail order operations,
Staples Direct, provide for free next-day delivery for orders over $50 to small
and medium-size businesses. Through recent acquisitions of contract stationers,
Staples has expanded its customer base to include medium and large-size
businesses. As a result, the Company now serves the needs of customers in all
end-user segments of the office products market. The Company has experienced
significant growth in the last several years, with sales and net income
increasing from $763 million and $3.4 million, respectively, in fiscal 1991 to
$2.0 billion and $39.9 million, respectively, in fiscal 1994.
The Company's growth strategy is focused on three principal business areas:
North American Superstores. The Company seeks to grow its core business
through new store expansion and through comparable store sales growth. Staples
operates superstores in approximately 100 markets across the U.S. and Canada
under the names: Staples - The Office Superstore, Staples Express, Business
Depot and Bureau En Gros. During fiscal 1995, the Company plans to open
approximately 92 stores, 45 of which had been opened as of August 31, 1995.
Staples expects to end fiscal 1995 with approximately 442 stores, including 65
stores in Canada and 17 Staples Express units. The Company has been pursuing a
store remodel program under which the Company has remodeled over 90 existing
stores to improve store layout, lighting, signage and the overall shopping
environment.
Contract and Commercial. In 1994, the Company established Staples Contract
and Commercial, the Company's delivery business unit, which utilizes three
different sales approaches to deliver office products to small, medium and large
companies. Staples Direct, the Company's mail order business, targets companies
with up to 50 office workers. Staples National Advantage, the Company's national
contract stationer, targets large companies (greater than 1,000 office workers)
with multiple locations across the United States. Staples Business Advantage,
which is comprised of several regional contract stationers, targets medium to
large companies, with more than 50 office workers.
International. The Company believes that foreign markets may provide
additional growth opportunities for the latter part of the 1990s. Staples has
approached foreign markets through joint ventures in order to take advantage of
local operating expertise and reduce the risk associated with entering these new
markets. Staples has joint ventures in the United Kingdom and Germany. By the
end of fiscal 1995, the Company expects that its United Kingdom joint venture
will be operating 25 or more stores and that its German joint venture will be
operating 15 stores.
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The Company's executive offices are located at 100 Pennsylvania Avenue,
P.O. Box 9328, Framingham, Massachusetts 01701-9328 (telephone: (508) 370-8500).
The Company was organized in November 1985. As used in this Prospectus, the
terms the "Company" and "Staples" refer to Staples, Inc., a Delaware
corporation, and its subsidiaries.
USE OF PROCEEDS
The Company will not receive any proceeds from the sale of Common Stock by
the Selling Stockholder.
THE MERGER
Pursuant to an Agreement and Plan of Merger dated February 7, 1994 (the
"Merger Agreement") by and among Staples, Staples Acquisition Corp. (a New York
corporation and a wholly-owned subsidiary of Staples), Spectrum Office Products
Inc. ("Spectrum") and the stockholders of Spectrum, effective March 7, 1994,
Staples Acquisition Corp. was merged with and into Spectrum. As a result of the
Merger, Spectrum became a wholly-owned subsidiary of Staples. In consideration
of the Merger, former stockholders of Spectrum received a total of 1,644,853
shares of Staples Common Stock, including shares placed in escrow pursuant to
the terms of the Merger Agreement.
SELLING STOCKHOLDER
The Selling Stockholder is a former stockholder of Spectrum. The shares of
Common Stock covered by this Prospectus were issued to the Selling Stockholder
in connection with the acquisition of Spectrum by Staples. See "The Merger."
The following table sets forth the number of shares of Common Stock
beneficially owned by the Selling Stockholder as of September 1, 1995, the
number of shares to be offered by the Selling Stockholder pursuant to this
Prospectus and the number of shares to be beneficially owned by the Selling
Stockholder if all of the shares offered hereby are sold as described herein.
The Selling Stockholder served as President of Spectrum from November 1991 to
July 1995 and as Executive Vice President of Spectrum from April 1970 to
November 1991. The Selling Stockholder has not held any other positions or
offices with, been employed by, or otherwise had a material relationship with,
the Company or any of its predecessors or affiliates since September 1, 1992
(other than as a stockholder of Staples subsequent to the Merger).
<TABLE>
<CAPTION>
Number of Number of Number of
Shares of Shares of Shares of
Common Stock Common Common Stock
Name of Beneficially Stock Beneficially
Selling Owned as of Offered Owned After
Stockholder September 1, 1995 Hereby Offering
- ----------- ----------------- --------- ------------
<S> <C> <C> <C>
Roger B. Friedlander 411,667 328,970 82,697
</TABLE>
- ------------
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<PAGE> 8
PLAN OF DISTRIBUTION
Shares of Common Stock covered hereby may be offered and sold from time to
time by the Selling Stockholder. The Selling Stockholder will act independently
of the Company in making decisions with respect to the timing, manner and size
of each sale. Such sales may be made in the over-the-counter market or
otherwise, at prices related to the then current market price or in negotiated
transactions, including pursuant to an underwritten offering or one or more of
the following methods: (a) purchases by the broker-dealer as principal and
resale by such broker or dealer for its account pursuant to this Prospectus; (b)
ordinary brokerage transactions and transactions in which the broker solicits
purchasers; and (c) block trades in which the broker-dealer so engaged will
attempt to sell the shares as agent but may position and resell a portion of the
block as principal to facilitate the transaction. The Company has been advised
by the Selling Stockholder that he has not made any arrangements relating to the
distribution of the shares covered by this Prospectus. In effecting sales,
broker-dealers engaged by the Selling Stockholder may arrange for other
broker-dealers to participate. Broker-dealers will receive commissions or
discounts from the Selling Stockholder in amounts to be negotiated immediately
prior to the sale. The Merger Agreement provides that the Company will indemnify
the Selling Stockholder against certain liabilities, including liabilities under
the Securities Act.
In offering the shares of Common Stock covered hereby, the Selling
Stockholder and any broker-dealers and any other participating broker-dealers
who execute sales for the Selling Stockholder may be deemed to be "underwriters"
within the meaning of the Securities Act in connection with such sales, and any
profits realized by the Selling Stockholder and the compensation of such
broker-dealer may be deemed to be underwriting discounts and commissions. In
addition, any shares covered by this Prospectus which qualify for sale pursuant
to Rule 144 may be sold under Rule 144 rather than pursuant to this Prospectus.
None of the shares covered by this Prospectus presently qualify for sale
pursuant to Rule 144.
The Company has advised the Selling Stockholder that during such time as he
may be engaged in a distribution of Common Stock included herein he is required
to comply with Rules 10b-6 and 10b-7 under the Exchange Act (as those Rules are
described in more detail below) and, in connection therewith, that he may not
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<PAGE> 9
engage in any stabilization activity in connection with Staples securities, is
required to furnish to each broker-dealer through which Common Stock included
herein may be offered copies of this Prospectus, and may not bid for or purchase
any securities of the Company or attempt to induce any person to purchase any
Staples securities except as permitted under the Exchange Act. The Selling
Stockholder has agreed to inform the Company when the distribution of the shares
is completed.
Rule 10b-6 under the Exchange Act prohibits, with certain exceptions,
participants in a distribution from bidding for or purchasing, for an account in
which the participant has a beneficial interest, any of the securities that are
the subject of the distribution. Rule 10b-7 governs bids and purchases made in
order to stabilize the price of a security in connection with a distribution of
the security.
This offering will terminate on the earlier of (a) March 7, 1997 or (b) the
date on which all shares offered hereby have been sold by the Selling
Stockholder.
LEGAL MATTERS
The validity of the shares of Common Stock offered hereby will be passed
upon for the Company by Hale and Dorr, Boston, Massachusetts.
EXPERTS
The consolidated financial statements of Staples at January 28, 1995 and
January 29, 1994, and for each of the three years in the period ended January
28, 1995, incorporated by reference in Staples' Annual Report on Form 10-K for
the year ended January 28, 1995, as amended by Amendment No. 1 on Form 10-K/A,
have been audited by Ernst & Young LLP, independent auditors, as set forth in
their report thereon included therein and incorporated herein by reference.
The balance sheet of National Office Supply Company, Inc. as of June 30,
1992, and the related statements of earnings and retained earnings and cash
flows for the year then ended, incorporated by reference in Staples' Annual
Report on Form 10-K for the period ended January 28, 1995, as amended by
Amendment No. 1 on Form 10-K/A, have been audited by KPMG Peat Marwick LLP,
independent auditors, as set forth in their report thereon included therein and
incorporated herein by reference.
The financial statements referred to above are incorporated by reference in
reliance upon such reports given upon the authority of such firms as experts in
accounting and auditing.
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<PAGE> 10
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
NATURE OF EXPENSE
<TABLE>
<CAPTION>
<S> <C>
SEC Registration Fee.................................................. $ 3,113
Legal (including Blue Sky) and Accounting Fees and Expenses........... 10,000
Miscellaneous......................................................... 6,887
---------
TOTAL $ 20,000
=========
</TABLE>
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 145 of the General Corporation Law of the State of Delaware
provides that a corporation has the power to indemnify a director, officer,
employee or agent of the corporation and certain other persons serving at the
request of the corporation in related capacities against amounts paid and
expenses incurred in connection with an action or proceeding to which he is or
is threatened to be made a party by reason of such position, if such person
shall have acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation, and, in any criminal
proceeding, if such person had no reasonable cause to believe his conduct was
unlawful, provided that, in the case of actions brought by or in the right of
the corporation, no indemnification shall be made with respect to any matter as
to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the adjudicating court determines that such
indemnification is proper under the circumstances. The Company's Certificate of
Incorporation provides that the Company shall indemnify its directors and
officers to the fullest extent permitted by the Delaware General Corporation
Law.
The Company's Certificate of Incorporation also provides that no director
shall be liable to the Company or its stockholders for monetary damages for
breach of his fiduciary duty as a director, except for liability (i) for any
breach of the director's duty of loyalty to the Company or its stockholders,
(ii) for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (iii) under Section 174 of the
Delaware General Corporation Law or (iv) for any transaction in which the
director derived an improper personal benefit.
The By-laws of the Company contain provisions to the effect that each
director, officer and employee of the Company shall be indemnified by the
Company against liabilities and expenses in connection with any legal
proceedings to which he may be made a party or with which he may become involved
or threatened by reason of having been an officer, director or employee of the
Company or of any other organization at the request of the Company. The
provisions include indemnification with respect to matters covered by a
settlement. Any such
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indemnification shall be made only if the Board determines by a majority vote of
a quorum consisting of disinterested directors (or, if such quorum is not
obtainable, or if the Board of Directors directs, by independent legal counsel)
or by stockholders, that indemnification is proper in the circumstances because
the person seeking indemnification has met the applicable standards of conduct.
It must be determined that the director, officer or employee acted in good faith
with the reasonable belief that his action was in or not opposed to the best
interests of the Company, and, with respect to any criminal action or
proceeding, that he had no reasonable cause to believe his conduct was unlawful.
The Company has a directors and officers liability policy that insures the
Company's officers and directors against certain liabilities.
ITEM 16. EXHIBITS.
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION OF EXHIBIT PAGE
- ------- ---------------------- ----
<S> <C> <C>
4.1 -- Restated Certificate of Incorporation of the
Company, as amended...................................... *
4.2 -- Amended and Restated By-laws of the Company.............. **
5.1 -- Opinion of Hale and Dorr.................................
23.1 -- Consent of Ernst & Young LLP (appears on page II-6)......
23.2 -- Consent of KPMG Peat Marwick LLP (appears on page II-7)..
23.3 -- Consent of Hale and Dorr (included in Exhibit 5.1).......
24.1 -- Power of Attorney (appears on Page II-4).................
<FN>
- ---------------
* Incorporated by reference from Exhibit 4.1 to Registration Statement on
Form S-3 (File No. 33-82360).
** Incorporated by reference from Exhibit 3.1 of the Quarterly Report on Form
10-Q for the quarterly period ended July 31, 1993.
</TABLE>
ITEM 17. UNDERTAKINGS.
The Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933, as amended (the "Securities Act");
(ii) To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
Registration Statement;
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<PAGE> 12
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") that are incorporated by reference in this Registration
Statement.
(2) That, for the purposes of determining any liability under the
Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at the time shall be deemed
to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.
The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section
15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein and the offering of such securities
at the time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the Company
pursuant to the indemnification provisions described herein, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of the
Company in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the
securities being registered, the Company will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.
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<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Framingham, Commonwealth of Massachusetts on the 28th
day of September, 1995.
STAPLES, INC.
By:/s/ Thomas G. Stemberg
------------------------
THOMAS G. STEMBERG
Chairman of the Board of
Directors and Chief
Executive Officer
SIGNATURES AND POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Thomas
G. Stemberg, Peter M. Schwarzenbach, Mark G. Borden and Patrick J. Rondeau, and
each of them, his true and lawful attorneys-in-fact and agents, with full power
of substitution and resubstitution in each of them, for him and in his name,
place and stead, and in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement on Form S-3
of Staples, Inc. and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite or
necessary to be done in and about the premises, hereby ratifying and confirming
all that said attorneys-in-fact and agents or any of them or their or his
substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated on the 28th day of September, 1995.
<TABLE>
<CAPTION>
SIGNATURE TITLE
--------- -----
<S> <C>
/s/ Thomas G. Stemberg Chairman of the Board of
- --------------------------- Directors and Chief Executive Officer
THOMAS G. STEMBERG (Principal Executive Officer)
</TABLE>
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<PAGE> 14
<TABLE>
<S> <C>
/s/ John B. Wilson Executive Vice President --
- --------------------------- Finance and Strategy and
JOHN B. WILSON Chief Financial Officer
(Principal Financial Officer)
/s/ Stephen Winslow Vice President --
- --------------------------- Financial Planning Analysis
STEPHEN WINSLOW and Reporting (Principal
Accounting Officer)
/s/ Mary Elizabeth Burton Director
- ---------------------------
MARY ELIZABETH BURTON
/s/ W. Lawrence Heisey Director
- ---------------------------
W. LAWRENCE HEISEY
/s/ Leo Kahn Director
- ---------------------------
LEO KAHN
Director
- ---------------------------
DAVID G. LUBRANO
Director
- ---------------------------
ROWLAND T. MORIARTY
/s/ Robert C. Nakasone Director
- ---------------------------
ROBERT C. NAKASONE
/s/ W. Mitt Romney Director
- ---------------------------
W. MITT ROMNEY
/s/ Martin Trust Director
- ---------------------------
MARTIN TRUST
/s/ Paul F. Walsh Director
- ---------------------------
PAUL F. WALSH
</TABLE>
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<PAGE> 15
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in the
Registration Statement on Form S-3 and related Prospectus of Staples, Inc. for
the registration of 328,970 shares of common stock and to the incorporation by
reference therein of our report dated February 28, 1995, with respect to the
consolidated financial statements of Staples, Inc. included in its Annual
Report on Form 10-K for the year ended January 28, 1995, as amended by
Amendment No. 1 on Form 10-K/A, filed with the Securities and Exchange
Commission.
ERNST & YOUNG LLP
Boston, Massachusetts
September 26, 1995
II-6
<PAGE> 16
CONSENT OF KPMG PEAT MARWICK LLP, INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in the
Registration Statement on Form S-3 and related prospectus of Staples, Inc. for
the registration of 328,970 shares of common stock and to the incorporation by
reference therein of our report dated August 31, 1992, except as to the last
paragraph of Note 3, which is as of September 25, 1992, relating to the balance
sheet of National Office Supply Company, Inc., as of June 30, 1992 and the
related statements of earnings and retained earnings and cash flows for the
year then ended (not presented separately herein).
KPMG PEAT MARWICK LLP
Short Hills, New Jersey
September 26, 1995
II-7
<PAGE> 17
Exhibit Index
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION OF ExHIBIT PAGE
- ------- ---------------------- ----
<S> <C> <C>
4.1 -- Restated Certificate of Incorporation of the
Company, as amended...................................... *
4.2 -- Amended and Restated By-laws of the Company.............. **
5.1 -- Opinion of Hale and Dorr.................................
23.1 -- Consent of Ernst & Young LLP (appears on page II-6)......
23.2 -- Consent of KPMG Peat Marwick LLP (appears on page II-7)..
23.3 -- Consent of Hale and Dorr (included in Exhibit 5.1).......
24.1 -- Power of Attorney (appears on Page II-4).................
<FN>
- ---------------
* Incorporated by reference from Exhibit 4.1 to Registration Statement on
Form S-3 (File No. 33-82360).
** Incorporated by reference from Exhibit 3.1 of the Quarterly Report on Form
10-Q for the quarterly period ended July 31, 1993.
</TABLE>
II-8
<PAGE> 1
HALE AND DORR
60 STATE STREET
BOSTON, MASSACHUSETTS 02109
September 28, 1995
Staples, Inc.
100 Pennsylvania Avenue
P.O. Box 9328
Framingham, MA 01701-9328
Ladies and Gentlemen:
We have assisted in the preparation of the Registration Statement on Form
S-3 (the "Registration Statement") filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, relating to the
registration of 328,970 shares of common stock, $0.0006 par value per share (the
"Shares"), of Staples, Inc., a Delaware corporation (the "Company"), held by
certain selling stockholders of the Company.
We have examined the Certificate of Incorporation and By-Laws of the
Company and all amendments thereto and have examined and relied on the
originals, or copies certified to our satisfaction, of such records of meetings,
written actions in lieu of meetings, or resolutions adopted at meetings, of the
directors of the Company and such other documents and instruments as in our
judgment are necessary or appropriate to enable us to render the opinions
expressed below.
In our examination of the foregoing documents, we have assumed (i) the
genuineness of all signatures and the authenticity of all documents submitted to
us as originals, (ii) the conformity to the originals of all documents submitted
to us as certified or photostatic copies, and (iii) the authenticity of the
originals of the latter documents.
Based upon and subject to the foregoing, we are of the opinion that the
Shares have been duly and validly authorized and issued and are fully paid and
non-assessable.
We hereby consent to the use of our name in the Registration Statement and
in the related Prospectus under the caption "Legal Matters" and to the filing of
this opinion as an exhibit to the Registration Statement.
Very truly yours,
/s/ Hale and Dorr
HALE AND DORR
