Walmart and Staples to close over $3B in plastic bins

Walmart and Target have agreed to end their plastic bins business, a move that is expected to save the company at least $3 billion in 2016.

The deal was announced Wednesday, after a court battle that ended with a settlement that gave both companies a $3.7 billion buyout.

The settlement includes a commitment that Wal-Mart will not sell any plastic bins to third-party suppliers and that the company will continue to sell plastic storage containers for its retail stores.

It also resolves the legal action filed by the families of three people who died at the hands of Walmart’s plastic bins.

Walmart’s plastic bin sales dropped 25% in the first quarter of this year compared to the same period last year, the company said.

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