NEW YORK (TheStreet) -- Technology is creative destruction in action.
Take Staples (SPLS) . In the 1990s, the stock was a highflier, a classic big-box store that was devouring technology retailers. That made sense, because office-supply stores were the first technology super-centers, offering adding machines, cash registers and typewriters a century ago, when those were new ideas.
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Staples' shares peaked again, near the end of the housing bubble in 2007, at more than $27, giving the company a valuation of more than $17.5 billion. It's now at $8.1 billion.
Staples' stock was trading Wednesday morning at $12.86, up 1.9%. The shares have fallen 19% year to date, compared with a 3.4% gain for the Dow Jones Industrial Average.
What matters to investors is that Staples is closing stores and warning of lower sales.
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