BOCA RATON, Fla.--(BUSINESS WIRE)--Apr. 26, 2017--
Office Depot, Inc. (NASDAQ: ODP) today announced that it has closed on
the sale of its business in South Korea to Excelsior Capital Asia.
Office Depot had previously disclosed its intention to sell
substantially all of its international businesses under a process that
began in 2016.
“This transaction follows on the recently announced agreement to sell
our businesses located in Australia and New Zealand,” said Gerry Smith,
chief executive officer for Office Depot. “We are now one step closer to
achieving our goal of divesting substantially all of our international
businesses in order to focus on the growth opportunities available in
the North American market.”
Excelsior Capital Asia, a Hong Kong and Korea based direct investment
firm, invests throughout Asia on behalf of major Korean institutions,
pension funds and private family offices.
About Office Depot, Inc.
Office Depot, Inc. is a leading provider of products, services, and
solutions for every workplace – whether your workplace is an office,
home, school or car.
The company had 2016 annual sales of approximately $11 billion, employed
approximately 38,000 associates, and served consumers and businesses in
North America and abroad with approximately 1,400 retail stores,
award-winning e-commerce sites and a dedicated business-to-business
sales organization – with a global network of wholly owned operations,
franchisees, licensees and alliance partners. The company operates under
several banner brands including Office Depot, OfficeMax and Grand & Toy.
The company’s portfolio of exclusive product brands include TUL, Foray,
Brenton Studio, Ativa, WorkPro, Realspace and Highmark.
Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select
Market under the symbol “ODP.”
Office Depot is a trademark of The Office Club, Inc. OfficeMax is a
trademark of OMX, Inc. ©2017 Office Depot, Inc. All rights reserved. Any
other product or company names mentioned herein are the trademarks of
their respective owners.
FORWARD LOOKING STATEMENTS
This communication may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements or disclosures may discuss goals, intentions and expectations
as to future trends, plans, events, results of operations, cash flow or
financial condition, or state other information relating to, among other
things, Office Depot, based on current beliefs and assumptions made by,
and information currently available to, management. Forward-looking
statements generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “estimate,” “expect,” “forecast,”
“guidance,” “intend,” “may,” “possible,” “potential,” “predict,”
“project,” “propose” or other similar words, phrases or expressions, or
other variations of such words. These forward-looking statements are
subject to various risks and uncertainties, many of which are outside of
Office Depot’s control. There can be no assurances that Office Depot
will realize these expectations or that these beliefs will prove
correct, and therefore investors and stockholders should not place undue
reliance on such statements.
Factors that could cause actual results to differ materially from those
in the forward-looking statements include, among other things, impacts
and risks related to the termination of the Staples acquisition,
disruption in key business activities or any impact on Office Depot’s
relationships with third parties as a result of the announcement of the
termination of the Staples Merger Agreement; unanticipated changes in
the markets for Office Depot’s business segments; the inability to
realize expected benefits from the disposition of the European
operations; fluctuations in currency exchange rates, unanticipated
downturns in business relationships with customers or terms with the
company’s suppliers; competitive pressures on Office Depot’s sales and
pricing; increases in the cost of material, energy and other production
costs, or unexpected costs that cannot be recouped in product pricing;
the introduction of competing technology products and services;
unexpected technical or marketing difficulties; unexpected claims,
charges, litigation, dispute resolutions or settlement expenses; new
laws, tariffs and governmental regulations. The foregoing list of
factors is not exhaustive. Investors and stockholders should carefully
consider the foregoing factors and the other risks and uncertainties
described in Office Depot’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed with the Securities and Exchange Commission.
Office Depot does not assume any obligation to update or revise any
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426005769/en/
Source: Office Depot, Inc.
Office Depot, Inc.
Richard Leland, 561-438-3796