By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Boca Raton, Fla. — Office Depot reported higher sales but a net loss for its fourth quarter and full-year results, ended Dec. 28, 2013, the first report after its merger with OfficeMax last November.
Reported (GAAP) results include total sales for the fourth quarter increasing 33 percent to $3.5 billion compared with the fourth quarter of 2012. Sales were $11.2 billion in the full-year 2013, an increase of 5 percent compared with the prior year.
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Boca Raton, Fla. – Office Depot has selected its headquarters here to house the retailer’s newly enlarged staff.
The office superstore retailer chose the Florida location over the facility of its just acquired OfficeMax competitor located in Naperville, Ill. The company said the Boca Raton location has sufficient space to hold both the Office Depot staff and those from OfficeMax that will be moving to Florida.
Boca Raton, Fla. – Office Depot and OfficeMax formally merged yesterday and released mixed financial results for their respective third quarters.
The new company has taken the name Office Depot, although it will continue to operate OfficeMax-branded stores and websites. With $17 billion in combined annual revenue it remains the No. 2 office-supply chain behind the $25 billion Staples, but now boasts 2,200 stores, operations in 59 countries, and long-term cost savings of some $500 million annually.
New York – The U.S. Federal Trade Commission has unconditionally cleared the merger of OfficeMax and Office Depot allowing the two chains to complete the transaction on Nov. 5.
When completed, the deal will create a combined company with revenues of about $17 billion and more than 1,700 storefronts. The merger’s financial details were not disclosed, but the two superstore chains reported that additional details surrounding how the newly formed company will function will be released when the merger is finalized next week.
Naperville, Ill. — OfficeMax is extending its reach into the small-business market with a new slate of service departments in stores nationwide.
Naperville, Ill. — OfficeMax announced it is expanding its technology security, support, Cloud storage and data-recovery services and products to business and consumer customers for laptops, tablets and PCs.
The chain said this move also makes OfficeMax the only national retailer to offer fast in-store data recovery from internal hard drives from PCs, Apple devices and USB drives.
Naperville, Ill. — OfficeMax said a 4.3 percent decline in second-quarter net sales, to $1.5 billion, contributed to a $10 million loss for the period, ended June 29.
The No. 3 office-supply chain also reaffirmed previously reported progress toward a planned merger with Office Depot by year’s end.
Boca Raton, Fla. — Weak laptop demand, reduced government purchasing, and $30 million in pretax charges led to a $64 million loss for Office Depot in its second fiscal quarter.
Net sales slipped 4 percent to $2.4 billion, while North American retail sales fell 5 percent to $939 million and North American comps declined 4 percent for the period, ended June 29.
Boca Raton, Fla. — Office Depot and OfficeMax shareholders approved the proposed merger of the retail chains during separate special stockholders’ meetings here this morning.
Under terms of the $1.2 billion stock-swap deal announced in February, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
Naperville, Ill. — OfficeMax shareholders will get to vote on the company’s planned merger with Office Depot at a special meeting set for July 10.
Under the merger agreement, announced in February, the office-supply chains would combine to form a new, $18 billion entity with equal representation in the boardroom and a more competitive market position against channel leader Staples.