Content about Office Depot Inc.

May 3, 2013
OfficeMax investor sues to stop merger with Office Depot

An OfficeMax shareholder sued the directors of the company on Thursday, seeking to block its acquisition by Office Depot Inc., Bloomberg reported.

New York -- An OfficeMax shareholder sued the directors of the company on Thursday, seeking to block its acquisition by Office Depot Inc., Bloomberg reported. The investor called the proposed $1.2 billion all-stock deal "grossly inadequate".

"OfficeMax, if properly exposed to the market for corporate control, would bring a price materially in excess of the amount offered in the proposed transaction," the complaint filed by investor Eric Hollander said.

November 27, 2012
Hedge fund adds former Home Depot, Staples execs to aid Office Depot fight

A Tuesday report by the Wall Street Journal said that activist hedge fund Starboard Value has added former Home Depot and Chrysler executive Robert Nardelli and ex-Staples vice chairman Joseph Vassalluzzo as advisors – part of Starboard’s plan to make sweeping changes at Office Depot Inc.

New York -- A Tuesday report by the Wall Street Journal said that activist hedge fund Starboard Value has added former Home Depot and Chrysler executive Robert Nardelli and ex-Staples vice chairman Joseph Vassalluzzo as advisors – part of Starboard’s plan to make sweeping changes at Office Depot Inc.

According to a Monday filing, Nardelli and Vassalluzzo will provide counsel toward improving Office Depot’s operations and strategies.

November 16, 2012
Shareholder Starboard asks Office Depot to revoke poison pill

In a letter to Office Depot Inc., activist investor Starboard Value asked the office supply retailer to immediately revoke its poison pill provision on the grounds that it would limit the influence of shareholders.

Boca Raton, Fla. -- In a letter to Office Depot Inc., activist investor Starboard Value asked the office supply retailer to immediately revoke its poison pill provision on the grounds that it would limit the influence of shareholders.

Starboard, Office Depot’s largest shareholder with a 14.8% stake, wrote that it believes “the implementation of the poison pill, with a threshold just above our current ownership, is designed specifically to entrench the current board.”

 

November 6, 2012
Office Depot swings to loss in Q3, but results beat Street

Office Depot Inc. reported a loss of $61.9 million for the third quarter, compared with net income of $100.9 million in the same period last year.

Boca Raton, Fla. -- Office Depot Inc. reported Tuesday a loss of $61.9 million for the third quarter, compared with net income of $100.9 million in the same period last year. Results still edged analysts’ expectations.

Revenue dropped 5.1% to $2.69 billion, missing Wall Street’s expected $2.89 billion revenue mark.

Revenue for the office supply chain has fallen for the past three quarters.

 

May 1, 2012
Office Depot swings to profit in Q1

Office Depot Inc. reported Tuesday that it swung to a profit of $41 million in the first quarter ended March 31, compared with a loss of $15 million in the same period last year.

Boca Raton, Fla. -- Office Depot Inc. reported Tuesday that it swung to a profit of $41 million in the first quarter ended March 31, compared with a loss of $15 million in the same period last year.

Sales fell 3.4% to $2.87 billion, missing Wall Street’s expected $2.89 billion in revenue. Same-store sales at the office supply retailer’s North American stores decreased 6%, and total sales for the division dropped 8% to $1.2 billion, impacted by store closures and fewer selling days.
 

March 26, 2012
Office Depot to open 13 remodeled stores in Houston market

Office Depot Inc. will open 13 newly remodeled locations in the Houston area on March 28.

Boca Raton, Fla. -- Office Depot Inc. will open 13 newly remodeled locations in the Houston area on March 28.

The updates stores feature more colorful signage and easy-to-navigate floor plans. The stores were redesigned based on customer feedback and shopping patterns.

Office Depot operates 1,677 stores in 60 countries, 46 of which are located in the Houston area.

February 28, 2012
Office Depot swings to profit in Q4

Office Depot Inc. reported Monday that it swung to a profit of $12.3 million in the quarter ended Dec. 31, compared with a loss of $108.6 million in the year-ago period.

Boca Raton, Fla. -- Office Depot Inc. reported Monday that it swung to a profit of $12.3 million in the quarter ended Dec. 31, compared with a loss of $108.6 million in the year-ago period.

Revenue edged up to $2.97 billion in the quarter, from $2.96 billion last year, missing Wall Street’s expected break-even on $3 billion in sales. Same-store sales dropped 5%, due in large part to a move away from promotions to shore up profitability, said the company.

July 14, 2011
Office Depot names president of newly combined North America division

Boca Raton, Fla. — Office Depot Inc. announced Wednesday that it has appointed Kevin Peters as president, North America, a new position that combines the company’s previous North American Retail and North American Business Solutions divisions.

Peters was previously president of North American Retail.

December 15, 2008
S&P Downgrades Office Depot and Cracker Barrel, Upgrades Dollar General

Standard & Poor's Ratings Services said Monday it lowered its ratings on Boca Raton, Fla.-based...

October 28, 2008
Office Depot Swings to 3Q Loss

Office Depot Inc. said it may close North American stores and sell some assets after...

July 24, 2008
Office Depot Extends NASCAR Sponsorship

Office Depot Inc. said Friday it will remain NASCAR's official office-products partner....

April 28, 2008
Office Depot 1Q Profit Falls

Office Depot Inc. said Tuesday its first-quarter profit dropped 55% due to North American sales...

April 22, 2008
Office Depot Re-Elects 12 Board Members

Office Depot announced during Wednesday’s annual meeting that stockholders re-elected all 12 Office Depot board...

April 21, 2008
Office Depot Enters India Market in Joint Venture

Office Depot Inc. announced Tuesday that it has formed a joint venture with a unit...

March 17, 2008
Office Depot Faces Down Dissidents

Delray Beach , Fla. (Mar. 18) Office Depot, Inc. advised stockholders on Tuesday to...

March 17, 2008
Office Depot Faces Down Dissidents

Office Depot, Inc. advised stockholders on Tuesday to reject an attempt by Levitt Corp., a...

September 11, 2007
Office Depot Settles Lawsuit

San Jose, Calif., ...

November 20, 2006
Office Depot to Move Headquarters

Boca Raton, Fla., ...

October 18, 2005
Charges Push Office Depot to 3Q Loss

Delray Beach, Fla., ...

October 18, 2005
Charges Push Office Depot to 3Q Loss

Delray Beach, Fla., ...