Staples' (SPLS) latest portrayal of itself as a business under siege by online foes could help in its bid to land smaller rival Office Depot (ODP) .
Office Depot is a member of Real Money's Stressed Out index of 20 troubled companies that carry unsustainable debt loads and have a history of burning cash and resources in the absence of steady cash flow.
On Monday, Staples announced a major shake-up in its executive ranks, citing the need to run more efficiently in a world where Amazon (AMZN) and Walmart (WMT) hawk cheap office supplies online.
The company promoted Shira Goodman, previously president of Staples' commercial business, to oversee the entire U.S. operation. Gone is long-time Staples U.S. chief Demos Parneros, who will step down by March 3. John Wilson, currently president of Staples' European division, will run international operations.
"We are streamlining the organization and building a simplified structure that will speed decision-making and enable us to focus on driving profitable growth," said Ron Sargent, chairman and CEO in a statement. Sargent added, "These changes will help us compete in a rapidly evolving marketplace, either as a standalone company or in combination with Office Depot."
The "rapidly evolving marketplace" cited by Sargent is one that has taken a toll on Staples.
According to research firm Euromonitor, the U.S. market for office supplies sold in stores has been in a protracted decline since 2007 and totaled $11.7 billion in 2014. Staples' market share fell to 38.2% in 2014 from 40.6% in 2013, estimates Euromonitor.