<SUBMISSION>
<ACCESSION-NUMBER>0001157523-08-008549
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081029
<ITEMS>2.06
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20081029
<DATE-OF-FILING-DATE-CHANGE>20081029
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STAPLES INC
<CIK>0000791519
<ASSIGNED-SIC>5940
<IRS-NUMBER>042896127
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0227
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-17586
<FILM-NUMBER>081148622
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>500 STAPLES DRIVE
<STREET2>P O BOX 9328
<CITY>FRAMINGHAM
<STATE>MA
<ZIP>01702
<PHONE>5082535000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>500 STAPLES DR
<CITY>FRAMINGHAM
<STATE>MA
<ZIP>01702
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5817324.htm
<DESCRIPTION>STAPLES, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      D.C. 20549</b></font><br>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 100%">


    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15 (d) OF</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): October 29, 2008</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            STAPLES, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Exact name of registrant as specified in charter)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Delaware
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; width: 34%; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0-17586
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; width: 33%; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            04-2896127
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 34%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; width: 67%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Five Hundred Staples Drive, Framingham, MA
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; width: 33%; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            01702
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 67%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s telephone number, including area code: 508-253-5000<br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
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          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Former name or former address, if changed since last report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Item
      2.06&#160;&#160;&#160;&#160;&#160;Material Impairments</b></font><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      As a result of the Corporate Express integration efforts to consolidate
      trade names, brands and other intellectual property under the Staples,
      Inc. (&#8220;Staples&#8221;) global brand name, Staples concluded on October 29,
      2008, that certain trade names no longer had an indefinite useful
      life.&#160;&#160;&#160;Staples performed an impairment analysis, and based on the
      updated fair value of the trade names, management concluded that the
      trade names associated with the brands Staples obtained from its 2002
      Guilbert S.A. acquisition were impaired.&#160;&#160;A non-cash, pre-tax impairment
      charge of approximately $120 million will be recorded in its results of
      operations for the third quarter of fiscal year 2008 ending on November
      1, 2008.&#160;&#160;The estimated impact of this impairment charge is
      approximately $0.11 per fully diluted share.&#160;&#160;The impairment is not
      expected to result in any future cash expenditures.
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Item
      7.01&#160;&#160;&#160;&#160;&#160;Regulation FD Disclosure</b></font><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      On October 29, 2008, Staples announced estimated results for its third
      quarter of fiscal year 2008 ending on November 1, 2008.&#160;&#160;Staples also
      announced that it will hold its 2008 Analyst and Investor Conference on
      October 30, 2008, from 9:00 a.m. to 2:00 p.m. (ET). The event will
      include presentations from the management team and will provide updates
      on the company&#8217;s financial outlook, strategies and growth initiatives.&#160;&#160;
      This event is being webcast and can be accessed at Staples&#8217; Web site at
      http://investor.staples.com.&#160;&#160;Staples&#8217; press release is furnished as
      Exhibit 99.1.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <b>Forward Looking Information</b>
    </p>
    <p>

    </p>
    <p style="text-align: left; text-indent: 30.0px">
      Certain information contained in this Current Report on Form 8-K
      constitutes forward-looking statements for purposes of the safe harbor
      provisions of The Private Securities Litigation Reform Act of 1995
      including the information on the non-cash impairment charge.&#160;&#160;These
      forward-looking statements are based on a series of expectations,
      assumptions, estimates and projections which involve substantial
      uncertainty and substantial risk, including the review of Staples&#8217;
      assessment by our outside auditor and changes in management&#8217;s
      assumptions and projections.&#160;&#160;The reader is urged to consider all such
      factors.&#160;&#160;The actual non-cash charge may differ materially from what has
      been estimated.&#160;&#160;All of our forward-looking statements are as of the
      date of this Current Report on Form 8-K only, and except as may be
      required by law or SEC rule or other requirement, Staples does not
      undertake to update or revise any forward-looking statements to reflect
      actual results, changes in assumptions, estimates or projections, or
      other circumstances occurring after the date hereof.
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits</b></font>
    </p>
    <p>

    </p>
    <p style="text-align: left; text-indent: 30.0px">
      The exhibit listed on the Exhibit Index immediately preceding such
      exhibit is furnished as part of this Current Report on Form 8-K.
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            October 29, 2008
          </p>
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Staples, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 5%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 5%; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; border-bottom: solid black 1.0pt; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Kristin A. Campbell
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Kristin A. Campbell
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President, General Counsel and Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">EXHIBIT INDEX</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: left; width: 35%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; width: 65%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 35%">

        </td>
        <td style="width: 65%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 35%">

        </td>
        <td style="width: 65%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; width: 35%; padding-right: 0.0px; padding-left: 0.0px">
          99.1
        </td>
        <td valign="top" style="text-align: left; width: 65%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release dated October 29, 2008
          </p>
        </td>
      </tr>
    </table>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5817324ex99_1.htm
<DESCRIPTION>EXHBIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Staples,
      Inc. to Host 2008 Analyst &amp; Investor Conference</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Management
      to Outline Future Growth Initiatives and Provide Corporate Express
      Integration Update</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Announces Preliminary Third Quarter Performance and Reaffirms Long-Term
      Financial Expectations</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      FRAMINGHAM, Mass.--(BUSINESS WIRE)--October 29, 2008--Staples, Inc.
      (Nasdaq: SPLS) will hold its 2008 Analyst and Investor Conference on
      Thursday, Oct. 30, 2008 from 9:00 a.m. ET until 2:00 p.m. ET. The event
      will include presentations from the management team, providing
      preliminary results for the company&#8217;s third quarter performance, an
      overview of the company&#8217;s strategies and growth initiatives, and an
      update on the company&#8217;s long-term financial expectations.
    </p>
    <p>
      &#8220;Staples is well positioned today due to the investments we&#8217;ve made over
      the past several years,&#8221; said Ron Sargent, chairman and chief executive
      officer. &#8220;We now have greater scale, a more balanced portfolio of
      businesses, an expanded global footprint, and the opportunity to achieve
      tremendous synergies from the combination with Corporate Express. Our
      conference will give investors an opportunity to see why our team is
      optimistic, energized and focused. We are determined to emerge from this
      difficult economic period even stronger than when we went into it.&#8221;
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Conference highlights include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Staples continues to generate strong cash flows and expects to
        generate nearly $1 billion in free cash flow in 2008. The company
        continues to maintain a solid investment grade credit rating following
        the July acquisition of Corporate Express, creating flexibility for
        financing options. Staples repaid $700 million of debt related to the
        acquisition during the third quarter. The company currently has a $2.5
        billion balance between its commercial paper program and its 364 day
        bridge loan, and expects to finalize permanent financing by July 2009.
      </li>
      <li style="margin-bottom: 10.0px">
        Staples has tightened its capital spending plans and now expects to
        spend between $400 million and $500 million in capital in 2009,
        planning prudently for a challenging environment.
      </li>
      <li style="margin-bottom: 10.0px">
        Early success with the integration of Corporate Express, specifically
        related to vendor negotiations and organizational structure, has
        increased management&#8217;s confidence in achieving the high end of
        previously announced synergy expectations. The company now anticipates
        annual synergies to build to $300 million over the three year
        integration period, versus previous guidance of a range of $200
        million to $300 million.
      </li>
      <li style="margin-bottom: 10.0px">
        In the context of a more conservative capital program, the company
        plans to open 75 stores in North America in 2009, including 60 stores
        in the United States and 15 in Canada. This compares to approximately
        110 stores expected to open during the current year.
      </li>
      <li style="margin-bottom: 10.0px">
        Staples&#8217; retail business is implementing a series of initiatives to
        drive store productivity, including improving the profitability of
        technology sales, boosting sales of high margin copy and EasyTech
        services, and reducing the size of its primary store format, &#8220;Dover&#8221;,
        to 18,000 square feet from 20,000 square feet.
      </li>
      <li style="margin-bottom: 10.0px">
        The company continues to differentiate itself through own brand
        products, with the opportunity to grow own brand products to 30
        percent of sales.
      </li>
      <li style="margin-bottom: 10.0px">
        Staples International has built a solid foundation in Europe and high
        growth markets. Leveraging its expanded global scale, strong
        multi-channel platform in Europe, and enhanced product and service
        offerings, Staples International is well positioned for top and bottom
        line growth.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Preliminary Q3 2008 Performance</b>
    </p>
    <p>
      The company&#8217;s third quarter ends on Nov. 1, 2008. Staples has maintained
      its focus on customer service, tight expense control, working capital
      management and capital discipline, and expects to achieve solid earnings
      performance despite challenging market conditions.
    </p>
    <p>
      For the third quarter, the company anticipates reporting fully diluted
      GAAP earnings per share of $0.21 to $0.22, after the impact of special
      charges related to its acquisition of Corporate Express. Excluding these
      charges, the company expects to achieve fully diluted earnings per
      share, on an adjusted basis, of $0.41 to $0.42.
    </p>
    <p>
      <b>Summary of Q3 2008 Special Charges</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td colspan="7" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Approximate Dollar Amounts in Millions, Except Per Share Data</b>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px">
          <b>Pre-Tax Impact</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px">
          <b>Net Income Impact</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px">
          <b>EPS Impact</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Non-Cash Write-off of Staples European Catalog Tradenames
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $ 120
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $ 79
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $ 0.11
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Corporate Express Integration and Restructuring Expense
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          10
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          7
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.01
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Non-Cash Charge Related to Tax Planning Strategies
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px">
          N/A
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px">
          57
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px">
          0.08
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 25.0px">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px">
          $ 130
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px">
          $ 143
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px">
          $ 0.20
        </td>
      </tr>
    </table>
    </div>
    <p>
      As a result of the company&#8217;s decision to move toward one global Staples
      brand, the legacy brands associated with Staples European Catalog will
      be eliminated over time. The company expects to record a non-cash,
      pre-tax charge of approximately $120 million in the third quarter,
      reflecting its plans to discontinue the use of tradenames Staples
      obtained from the 2002 Guilbert acquisition.
    </p>
    <p>
      The company also expects to record pre-tax integration and restructuring
      expense of approximately $10 million related to Corporate Express during
      the third quarter.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Additionally, the company is developing tax planning strategies to
      optimize the benefits of the net operating losses of Corporate Express.
      As a result of the company&#8217;s evolving plans, Staples is required to
      record a non-cash charge of $57 million, which will result in a one-time
      increase to the company&#8217;s effective tax rate in the third quarter. The
      company anticipates finalizing its tax planning strategy to mitigate the
      financial impact of this charge in the next three to six months. Staples
      expects to maintain an effective tax rate from operations of 34.5
      percent for the full year.
    </p>
    <p>
      North American Delivery sales are expected to grow approximately 60
      percent during the third quarter. Excluding the impact of Corporate
      Express, the North American Delivery pre-acquisition business sales are
      expected to decline approximately one percent during the quarter. North
      American Retail comparable store sales in the third quarter are expected
      to decrease approximately eight percent versus the same period in 2007.
      International sales are expected to increase approximately 130 percent
      in US dollars in the third quarter versus the same period in 2007.
      Excluding the impact of Corporate Express, the International
      pre-acquisition business expects sales to decrease approximately three
      percent in US dollars, and to be flat in local currency. For the third
      quarter of 2008, comparable store sales in Europe are expected to
      decrease approximately six percent versus the same period of 2007.
    </p>
    <p>
      On Dec. 2, 2008, Staples will report results for the third quarter ended
      Nov. 1, 2008.
    </p>
    <p>
      <b>Outlook</b>
    </p>
    <p>
      Staples expects to continue to achieve good performance in a volatile
      demand environment. The company will continue to provide guidance on
      factors that will influence profitability, such as anticipated synergies
      from the Corporate Express integration, forecasted impact of currency
      fluctuations, expected interest expense, amortization of intangibles,
      restructuring costs and share count. The company will endeavor to
      provide as much transparency as possible, but will not provide specific
      sales guidance for the fourth quarter of 2008 or next year, as a result
      of the difficulty in forecasting in the current challenging environment.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Longer term, Staples remains confident in its opportunities for
      significant margin improvement across each of its business units over
      the next several years. The company anticipates that North American
      Delivery will achieve an operating margin of approximately 12 percent
      over the long-term, as the benefits of the Corporate Express acquisition
      fuel top and bottom line growth. The company expects that North American
      Retail will recover from the recent period of negative same store sales
      and deleverage, as it focuses on store productivity and high margin
      business services to achieve an operating margin of approximately 10
      percent over the long-term. In International Operations, the company
      anticipates that it can leverage best practices, a global Staples Brand
      and efficiencies related to the acquisition of Corporate Express to
      achieve operating margins of approximately 7.5 percent in its European
      business and low single-digit operating margins in its high growth
      markets. Staples&#8217; long-term operating margin goal for the total company
      is nine percent, an increase of 250 basis points compared to the 6.5
      percent pro forma operating margin achieved in 2007, including the
      results of Corporate Express.
    </p>
    <p>
      <b>Event Webcast</b>
    </p>
    <p>
      This event is being webcast by Thomson Reuters and can be accessed at
      Staples' Web site at <u>http://investor.staples.com</u>. In addition, a
      replay of the event will be available from Friday, Oct. 31, 2008 through
      Friday, Nov. 28, 2008.
    </p>
    <p>
      <b>About Staples</b>
    </p>
    <p>
      Staples, the world&#8217;s largest office products company, is committed to
      making it easy for customers to buy a wide range of office products,
      including supplies, technology, furniture, and business services. With
      $27 billion in sales, Staples serves businesses of all sizes and
      consumers in 27 countries throughout North and South America, Europe,
      Asia and Australia. In July 2008, Staples acquired Corporate Express,
      one of the world&#8217;s leading suppliers of office products to businesses
      and institutions. Staples invented the office superstore concept in 1986
      and is headquartered outside Boston. More information about Staples
      (Nasdaq: SPLS) is available at <u>www.staples.com</u>.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      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 including, but not
      limited to, the information set forth under headings that include the
      words &#8220;Preliminary Q3 2008 Performance&#8221;, &#8220;Summary of Q3 2008 Special
      Charges&#8221; or &#8220;Outlook&#8221; and other statements regarding our future business
      and financial performance. Some of the forward-looking statements
      relating to the non-cash impairment charge and other expenses and
      adjustments are based on a series of expectations, assumptions,
      estimates and projections which involve substantial uncertainty and
      risk, including the review of our assessments by our outside auditor and
      changes in management&#8217;s assumptions and projections. Actual results may
      differ materially from those indicated by such forward-looking
      statements as a result of risks and uncertainties, including but not
      limited to: our market is highly competitive and we may not continue to
      compete successfully; economic conditions may cause a decline in
      business and consumer spending which could adversely affect our business
      and financial performance; we may not be able to successfully integrate
      Corporate Express into our existing operations to realize anticipated
      benefits and our growth may strain our operations; we may be unable to
      continue to open new stores and enter new markets successfully; if we
      are unable to manage our debt, it could materially harm our business and
      financial condition and restrict our operating flexibility; we may be
      unable to attract and retain qualified associates; our quarterly
      operating results are subject to significant fluctuation; our expanding
      international operations expose us to the unique risks inherent in
      foreign operations; our business may be adversely affected by the
      actions of and risks associated with our third party vendors; our
      expanded offering of proprietary branded products may not improve our
      financial performance and may expose us to intellectual property and
      product liability claims; our effective tax rate may fluctuate; our
      information security may be compromised; various legal proceedings may
      adversely affect our business and financial performance; and those other
      factors discussed or referenced in our most recent quarterly report on
      Form 10-Q filed with the SEC, under the heading &#8220;Risk Factors&#8221; and
      elsewhere, and any subsequent periodic or current reports filed by us
      with the SEC. In addition, any forward-looking statements represent our
      estimates only as of the date such statements are made (unless another
      date is indicated) and should not be relied upon as representing our
      estimates as of any subsequent date. While we may elect to update
      forward-looking statements at some point in the future, we specifically
      disclaim any obligation to do so, even if our estimates change.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>Staples, Inc.<br><b>Media Contact:</b><br>Paul Capelli/Owen
      Davis<br>508-253-8530/8468<br>or<br><b>Investor Contact:</b><br>Laurel
      Lefebvre/Chris Powers<br>508-253-4080/4632
    </p>
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