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Office Depot’s corporate headquarters in Boca Raton, Florida
|Founder||F. Patrick Sher|
|Headquarters||Boca Raton, Florida, United States|
Number of locations
|1,378 (December 2017)|
|Products||Office supplies, Technology, Furniture, Copy & Print, Shipping Services|
|Brands||Office Depot, OfficeMax, Grand & Toy, Ativa, TUL, Foray, Realspace, DiVOGA|
|Revenue||US$10.240 billion (2017)|
|US$341 million (2017)|
|US$181 million (2017)|
|Total assets||US$6.323 billion (2017)|
|Total equity||US$2.120 billion (2017)|
Number of employees
|~38,000 (July 2018)|
Grand & Toy
Office Depot, Inc. is an American office supply retailing company headquartered in Boca Raton, Florida, United States. The company has combined annual sales of approximately $11 billion, and employs about 38,000 associates with businesses in the United States. The company operates 1,400 retail stores, e-commerce sites and a business-to-business sales organization.
Office Depot was founded in October 1986 by F. Patrick Sher, Stephen Doughtery, and Jack Kopkin, who became the company's chairman and chief executive officer, the president, and executive vice president respectively.
All three were formerly associated with Mr. HOW Warehouse, a home improvement company that Sher sold to Service Merchandise in 1983. The first store, located at the Lakes Mall in Lauderdale Lakes, Florida, opened in October 1986. The company announced its initial public offering of stock, and went public in December 1988.
In April 1991, it merged with Office Club, which provided an expansion to the West Coast. Office Depot entered the European and Australian direct mail market, after acquiring Viking Direct in May 1998.
In December 2001, Viking Direct expanded to Central America with new retail stores in El Salvador, Guatemala, and Costa Rica through a joint licensing agreement. Office Depot sold Office Depot Europe (Viking Direct's parent) to an investment firm in September 2017.
Merger and proposed acquisition
On February 20, 2013, it was announced that Office Depot and OfficeMax would combine in an all stock deal, pending regulatory approval and stockholder approval. The merger was completed on November 5, 2013. In May 2014, Office Depot announced the closure of four hundred stores, due to declining sales and customer migration to e retailers.
On February 4, 2015, it was announced that rival Staples had agreed to purchase Office Depot, in a cash and stock deal worth approximately $6.3 billion. However, the Federal Trade Commission voted to block the merger in December 2015. The United States District Court for the District of Columbia granted the FTC a preliminary injunction against the merger on May 10, 2016, resulting in the proposed merger's termination.
In January 2005, Office Depot became a partner of NASCAR, with the title “Official Office Products Partner of NASCAR”. In the same year, the company signed on as the primary sponsor of the #99 Ford Fusion, owned by Roush Fenway Racing and previously driven by Carl Edwards. They sponsored Edwards until the end of the 2008 NASCAR Sprint Cup Series season.
In December 2008, Office Depot announced that it would become the co primary sponsor for Tony Stewart and the No. 14 Chevrolet at Stewart-Haas Racing in 2009. In September 2012, Office Depot announced it would not renew sponsorship with Tony Stewart or Stewart-Haas Racing.
An Office Depot store in Thornhill, Ontario. Due to continued profitability issues, this store began a liquidation sale in 2011 and was closed several days later.
Office Depot store located in North Lauderdale, Florida
Office Depot location in Torrance, California
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- "Power - NASCARPartners". nascarpartners.com. Archived from the original on June 15, 2008. Retrieved 6 January 2018.
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