No doubt SPLS was taken by surprise to the tune of about $500,000 (which I think NY gov't agencies paid about $2,700 for) or so , But if the contract for office and school supplies in the state goes into the millions , it's probably good PR. And good for education.
Even if they did get the contract, I am sure that they had it all worked out to buy all their supplies very close to cost anyways. I used to work for them and they have what are called "CONTRACT" customers who have it all the prices worked out so they pay much lower prices than everyday customers do. So Staples isn't going to benefit that much as you think because everything is already discounted. Bad news for the stockholders.
There should have been some kind of limits on that. As a shareholder, I am not pleased. I don't think it is going to have a significant impact on the bottom line either way, but today's stock price probably is effected by that publicity.
Perhaps they need to have however wrote that contract sit down and spend a couple of days reading up on the phenomenon of "hoarding"
Staples delivered penny items with a list-price value of $22.3 million in the contract's first few months, for which it was paid $9,300, documents provided by the state show. (List prices in office supplies typically are inflated; discounts from list prices are the norm.)
LOL. It serves the greedy people at the top for everything they have done to loyal workers that had been with the company for years through all their changes and reinventings. Many of those workers were just let go for BS reasons so they can replace them with much lower paid workers.