June 5, 2017
US Today reported that this is part of the company’s plan to sell off all of its international business and Office Depot said that they are waiting for the go ahead from the regulators so that the deal can be completed in the next few months.
Office Depot sold its business in South Korea in April and plans to sell the Australian and New Zealand businesses as well while the European business sales were completed in January. The recent deal gave no information of the figures involved.
Last years sales were estimated at $11 billion (€9.76) and the company employs 38,000 people and owns 1,400 stores. Roland Smith, CEO, Office Depot retired last year and COO, Gerry Smith, took over the role.
Smith commented: “Reaching this agreement to sell our business in China is the final piece of our planned international divestitures. Our strategy going forward is to focus solely on the growth opportunities within our North American business.”
Categories : Around the Industry