New York — The Anti-Defamation League’s National Consumer Technology Industry divisio
Boca Raton, Fla. – Office Depot has named former Wendy’s and Arby’s CEO Roland Smith to head the newly merged office supply chain as chairman/CEO.
The appointment comes one week after Office Depot and OfficeMax formally merged, and resulted in the resignations of the chains’ respective former CEOs Neil Austrian and Ravi Saligram.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
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 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.
Boca Raton, Fla. — Office Depot reported lower sales and a net loss of $17 million in the first quarter, ended March 30.
Sales were $2.7 billion, down 5 percent compared with the first quarter of 2012 in both U.S. dollars and in constant currency. Sales in the quarter were negatively impacted by approximately $58 million compared with the prior year due to a shift in the timing of the New Year and Easter holidays.
Office Depot had a net loss of $17 million compared with net earnings, after preferred stock dividends, of $41 million in the first quarter of 2012.
New York — The planned merger of office-supply chains OfficeMax and Office Depot remains on schedule, with the two retailers filing federal regulatory forms and forming transition committees.
In a joint update, the companies said they still expect the merger to close by year’s end, the original target date.
Boca Raton, Fla. — Office Depot lost $17 million in the fourth quarter as sales sank 12 percent to $2.6 billion.
The results underscored the impetus for a merger with channel rival OfficeMax, which was announced separately this morning.
Net sales were $2.6 billion for the three months, ended Dec. 29, 2012, and the loss compares with year-ago net profits of $12 million.