Thomas Stemberg, founder of Staples office superstore, dies at 66

By: |
October 24, 2015 5:13 PM

A former grocery business executive who founded Staples Inc and revolutionised the office supplies retail business has died in Massachusetts. Thomas Stemberg was 66.

A former grocery business executive who founded Staples Inc and revolutionised the office supplies retail business has died in Massachusetts. Thomas Stemberg was 66.

Venture capital firm Highland Capital Partners says Stemberg died yesterday of cancer. Stemberg had joined the firm in 2005.

Stemberg was a New England grocery executive but left after a dispute with his bosses. He came up with the idea of Staples after driving around the Boston area searching for printer ribbon on July 4th weekend in 1985 when stores were closed.

Staples grew into a chain with USD 22.5 billion in revenue and 83,000 employees last year. It’s based in Framingham.

Former Gov Mitt Romney’s Bain Capital invested in Staples.

Romney tells The Boston Globe that Stemberg was one of the state’s great business leaders.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1DPIIT launches regulatory compliance portal
2Reducing impact of carbon emissions one of greatest challenges for steel industry: Addl secy
3Govt sees 800% jump in job seekers on MSME hiring portal Sampark, this many recruiters added in a year