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 Office Depot headquarters inBoca Raton, Florida | |
| Company type | Public |
|---|---|
| Industry | Specialty retail |
| Founded | October 1986; 38 years ago (1986-10) |
| Founder | F. Patrick Sher |
| Headquarters | , U.S. |
Number of locations | 960 retail locations; 9,000+ business customers; supply chain(December 2017)[1] |
Area served | North America |
Key people | |
| Products | Office and Business Supplies, Technology, JanSan and Cleaning and Breakroom Furniture, Copy & Print, Shipping Services |
| Brands | ODP Business Solutions, Office Depot,OfficeMax, Veyer, Varis,Grand & Toy, Ativa, TUL, Foray, Realspace, DiVOGA |
| Revenue |  US$10.240 billion(2017)[1] |
| US$341 million(2017)[1] | |
| US$181 million(2017)[1] | |
| Total assets |  US$6.323 billion(2017)[1] |
| Total equity | US$2.120 billion(2017)[1] |
Number of employees | ~20,000+(July 2018)[3] |
| Subsidiaries | OfficeMax Grand & Toy |
| Website | officedepot |
Office Depot, Inc. is an Americanoffice supply retailer headquartered inBoca Raton, Florida. The company operates 960 retail stores in the United States under the Office Depot andOfficeMax brands,[4] as well as e-commerce sites and abusiness-to-business sales organization. The company has combined annual sales of approximately $11 billion, and employs about 38,000 people in the United States.
Office Depot was founded in October 1986 (38 years ago) (1986-10) by F. Patrick Sher, Stephen Dougherty, 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 toService Merchandise in 1983.[citation needed] The first store, located at theLakes Mall inLauderdale Lakes, Florida, opened in October 1986.[5] The company announced itsinitial public offering of stock, and went public in December 1988.[6][7]
In April 1991, it merged with Office Club, which provided an expansion to theWest Coast.[8] In 1995, Office Depot entered the Mexican marketplace in a joint venture withGrupo Gigante, making it the retailer's first international expansion.[citation needed] Office Depot then entered the European and Australian direct mail market, after acquiringViking Direct in May 1998.[citation needed]
In 1997, Office Depot and Staples attempted a merger. On July 18, 1997, theFederal Trade Commission (FTC) reported that a federal district court inWashington, D.C. granted their request for a preliminary injunction, blocking Office Depot and Staples from merging as one company.[9]
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.[10] Office Depot sold Office Depot Europe (Viking Direct's parent) to an investment firm in September 2017.[11]
On February 20, 2013, it was announced that Office Depot andOfficeMax would combine in an all-stock deal, pending regulatory approval and stockholder approval.[12] The merger was completed on November 5, 2013.[13][14] In May 2014, Office Depot announced the closure of four hundred stores, due to declining sales and customer migration to e-retailers.[15]
On February 4, 2015, it was announced that rivalStaples had agreed to purchase Office Depot, in a cash and stock deal worth approximately $6.3 billion. However, theFederal Trade Commission voted to block the merger in December 2015.[16][17] TheUnited 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.[18]
In January 2017, Gerry Smith was named as the company's new CEO, effective February 27. Smith was the chief operating officer atLenovo Group.[19][20]
Office Depot bought technology services firmCompuCom in 2017 to position the company to provide technology services.[21]
In January, 2021, Office Depot acquired enterprise procurement software provider BuyerQuest.[22]
Office Depot built aLEED Gold-certified retail store inAustin, Texas, in April 2008.[23] The Boca Raton headquarters was also awarded a LEED Gold certification in September 2010.[24]
The company's portfolio of brands includes Ativa, TUL, Foray, Realspace, and DiVOGA.[25]
In January 2005, Office Depot became a partner ofNASCAR, with the title "Official Office Products Partner of NASCAR".[26][27] In the same year, the company signed on as the primary sponsor of the #99Ford Fusion, owned byRoush Fenway Racing and previously driven byCarl Edwards. They sponsored Edwards until the end of the 2008NASCAR Sprint Cup Series season.
In December 2008, Office Depot announced that it would become the co primary sponsor forTony Stewart and the No. 14Chevrolet atStewart-Haas Racing in 2009.[28] In September 2012, Office Depot announced it would not renew sponsorship with Tony Stewart or Stewart-Haas Racing.[29]
In November 2012, Office Depot partnered with theBorn This Way Foundation to sell limited edition office supplies and give 25% of earnings to the organization.[30][31]
In March 2019, Office Depot andSupport.com, Inc., a California-based tech support software provider, agreed to pay a total of $35 million to settleFederal Trade Commission allegations that the companies tricked customers into buying millions of dollars' worth of computer repair and technical services by deceptively claiming their software had found malware symptoms on the customers' computers.[32]
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