Report: Staples pulls back on New York penny sale

Framingham, Mass. – Staples Inc. is reportedly in negotiations with the state of New York to resolve a dispute about the terms of an agreement to sell numerous items to New York state agencies and qualifying non-profits for a penny each. According to the Wall Street Journal, Staples agreed to honor the one-cent prices on 219 items for three years in order to win a state office and school supplies contract.

However, due to bulk ordering, in the first few months of the three-year contract Staples sold goods with a list value of $22.3 million for $9,300. Saying demand was excessive, Staples declined to deliver some orders and also reduced the number of items on the list to 56. The matter remains in negotiations.

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