The federal government blocked Staples' (SPLS) proposed $6 billion acquisition of rival Office Depot (ODP) on Tuesday night. The deal was killed amid worries about competition. Staples will pay Office Depot a $250 million breakup fee. '[The FTC] seemed to have discounted the change in the marketplace - Amazon (AMZN) is now a big rival online and Staples and Office Depot wanted to take this opportunity to compete in the digital age,' said Jasper Lawler, a market analyst with CMC Markets, based in London, adding that store closures will be necessary to compete with online retail giants. TheStreet's Scott Gamm reports from Wall Street.
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