🠈  Office Depot  🠊

Office Depot

Office Depot / OfficeMax is a chain of office super stores headquartered in Boca Raton, Florida by F. Patrick Sher, Stephen Dougherty, and Jack Kopkin. The company grew quickly and had expanded to 500 stores by 1995. In 2013, OfficeMax merged with Office Depot to create the world's largest office product store with over 2200 locations and 66,000 employees.

The company was founded in 1986 and rode the wave of store consolidation in the 1990s. Office Depot trades on the NASDAQ with the symbol ODP.

In October 2019, Yahoo Finance reported that the ODP's market value was $1 billion. They had $10 billion in annual revenue, but had $3 billion in debt.

Corporate History

This section shows the merger chain of Office Depot. The company has tried twice to merge with Staples.

• 1986: F. Patrick Sher, Stephen Doughtery, and Jack Kopkin founded Office Depot, Inc. in Boca Raton, Fl. They had previously worked at Mr. HOW Warehouse.
• 1987: Sher died of leukemia and was succeeded as CEO by David Fuente.
• 1988: Office Depot held an IPO on NASDAQ with symbol ODP.
• 1991: ODP acquired Office Club, Inc. which had 59 stores. and its 59 stores.
• 1992: ODP acquired HQ Office International, Inc. based in Canada.
• 1997: FTC blocked a proposed merger between Office Depot and Staples.
• 1998: ODP acquired Viking Office Products, Inc. which was a direct mail marketer.
• 1998: ODP launched the web site www.officedepot.com.
• 2001: ODP restructured and closed 70 stores.
• 2001: ODP acquired Computers4sure⁷.
• 2001: Viking Direct expanded to Centeral America.
• 2003: ODP acquired Guilbert S.A. of France.
• 2009: BC Partners invested $350 m in ODP, giving BC a 20% stake in the firm.⁸.
• 2013: Office Depot merged with OfficeMax in an all stock deal.

  History of OfficeMax

  • 1988: Bob Hurwitz and Michael Feuer founded OfficeMax in Cleveland, Oh. They launched the chain on April Fools Day
    • Feuer had spent 17 years growning Fabri-Centers of America to 600 stores.
  • 1990: OM acquired Office World.
    • 1988: Funded by Montgomery Ward, Office World launched in the same year as OfficeMax.
  • 1990: OM bought Office Square from Kmart. Kmart gained a 20% share of OD in the deal.
  • 1992: OM bought five sites from Highland Superstores in Boston.
  • 1992: OM acquired OW Office Warehouse based in Virginia
  • 1993: OM acquired BizMart which had 104 stores.
  • 1993: OM acquired Intelligent Electronics.
  • 1993: Kmart moved heaquarters of its subsidiaries to Utica, Mi.
  • 1993: OM acquired 19% stake in Corporate Express.
  • 1994: OM launched FurnitureMax and CopyMax which are stores within a store.
  • 1995: Kmart spun off 51% of OfficeMax shares for $678 million with the symbol OMX on the NYSE with headquarters in Shaker Heights, Ohio. Kmart gradually sold the rest of its shares
  • 2003: Boise Cascade acquired OfficeMax for $1.3 billion creating a subdivision called Boise Office Solutions
    • Boise Office Solutionst merged Canadian based Grand and Toy with Office Max

      History of Grand and Toy

      • 1882: James Grand started a home based stationery firm in Toronto.
      • 1883: James Grand partnered with his brother-in-law Samuel Toy to open three stores in Toronto.
      • 1996: Boise Cascade acquired Grand & Toy.
• 2015: FTC rejected an attempt of Staples to acquire Office Depot in a $6.3 billion dollar deal.
• 2017: ODP acquired CompuCom which offers web services.
• 2017: Excelsior Capital Asia of Hong Kong acquired ODP's assets in South Korea.⁹.
• 2019: ODP formed alliance with Alibaba to provide B2B services.¹⁰

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References:

1. Wikipedia - Office Depot (Drawn 10/19/2019)
2. Funding Universe - Office Depot (Drawn 10/19/2019)
3. Funding Universe - Office Max (Drawn 10/19/2019)
4. Wikipedia - OfficeMax (Drawn 10/19/2019)
5. Wikipedia- OfficeMax (Drawn 10/19/2019)
6. Wikipedia - Grand & Toy (Drawn 10/19/2019)
7. Digital Commerce - Office Depot Acquires Computer 4 sure (Drawn 10/19/2019)
8. Reuters - BC Partners Invests (Drawn 10/19/2019)
9. OPI - private equity gets more of Office Depot (Drawn 10/19/2019)
10. BusinessNewswire - ODP forms alliance with Alibaba (Drawn 10/19/2019)

Directory Listings:

• Coconino County - Shopping: OfficeMax
• Mohave County - Office Supplies: OfficeMax
• Phoenix Color - Office Supplies: OfficeMax
• Pima County - Office Supplies: Office Depot
• Pima County - Office Supplies: OfficeMax
• Pinal County - Shopping: OfficeMax
• Yavapai County - Shopping: OfficeMax
• Boulder Color - Office Supplies: OfficeMax
• Boulder Color - Office Supplies: Office Depot
• Colorado Springs Color - Office Supplies: OfficeMax
• Colorado Springs Color - Office Supplies: Office Depot
• Denver Color - Office Supplies: OfficeMax
• Denver Color - Office Supplies: Office Depot
• Durango Colorado - Shopping: Office Depot
• Fort Collins Color - Office Supplies: Office Depot
• Fort Collins Color - Office Supplies: OfficeMax
• Grand Junction - Office: OfficeMax
• Grand Junction - Office: Office Depot
• Pueblo Color - Office Supplies: Office Depot
• Pueblo Color - Office Supplies: OfficeMax
• Internet Rivers - Office: OfficeDepot
• Internet Rivers - Office: Office Depot
• Davis County - Shopping: Office Depot
• Ogden, Utah - Office Supplies: OfficeMax
• Ogden, Utah - Office Supplies: Office Depot
• Provo Utah - Office Supplies: OfficeMax
• Provo Utah - Office Supplies: Office Depot
• Saint George - Office Supplies: OfficeMax
• Salt Lake Sites - Office: OfficeMax
• Salt Lake Sites - Office: Office Depot
• Cheyenne, Wyoming. US - Shopping: Office Depot

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