Consumer Sector Down on Bleak Outlook for Conventional Stores -- Consumer Roundup

Shares of retailers and other consumer-services companies declined as fears about the future of bricks-and-mortar retailers persisted. Shares of Staples Inc. rose after retail-specializing leveraged buyout firm Sycamore Partners agreed to buy the copyshop chain for $6.9 billion. Sycamore plans to split Staples into three businesses: U.S. retail, Canadian retail and corporate-supply, The Wall Street Journal reported. Some institutional investors expressed dissatisfaction with the price tag--$10.25 a share for a company that had traded near $20 a little more than two years ago. It is another sign of the pressure that conventional stores find themselves under as and other online retailers move into more and more categories.

--Rob Curran,

(END) Dow Jones Newswires

June 29, 2017 16:46 ET (20:46 GMT)