Expect leaner inventory of supply stores after Office Depot, OfficeMax merger

Author:
Updated:
Original:

A merger between Florida-based Office Depot Inc. and its smaller Illinois-based rival OfficeMax will likely leave Minnesota with fewer office-supply retail choices, Finance & Commerce reports. Store closings are expected in the wake of the transaction, but how many and where remains unclear.

Wall Street Journal says the two office supply giants confirmed plans on Wednesday to join forces in an all-stock deal worth $1.2 billion.
Office Max has forty stores across the state, including more than two-dozen in the Twin Cities metro, while Office Depot has eight locations. The national leader in that category -- Staples -- has only seven Minnesota stores.

"Combining our two companies will enhance our ability to serve customers around the world, offer new opportunities for our employees, make us a more attractive partner to our vendors, and increase stockholder value,” said Neil Austrian, Chairman and Chief Executive Officer of Office Depot, in a news release. “Office Depot and OfficeMax share a similar vision and culture, and will greatly benefit from drawing on the industry’s most talented people, combining our best practices and realizing significant savings. We are confident that this merger of equals represents a new beginning for our two companies and will allow us to build a more competitive enterprise for the long term.”

“We are excited to bring together two companies intent on accelerating innovation for our customers and better differentiating us for success in a dynamic and highly competitive global industry,” added Ravi Saligram, President and CEO of OfficeMax. “We are confident that there will be exciting new opportunities for employees as part of a truly global business. Together, we will have the opportunity to build on our strong digital platforms and to expand our multichannel capabilities to better serve our customers and to compete more effectively. Importantly, this merger of equals transaction will provide stockholders of both companies with a compelling opportunity to participate in the long-term upside potential of the combined company.”

Next Up

Antoine Winfield Jr.

Antoine Winfield Jr. says playoff win was "for my pops back in '09"

The son of the Vikings legend did not forget about "Bountygate."

Jared Vanderbilt

Shorthanded Timberwolves fall to Atlanta in Monday matinee

D'Angelo Russell scored 31 points, but didn't have much help.

police lights

Man, 72, critical after possible robbery outside Minneapolis business

The 72-year-old sustained gunshot wounds in the incident.

vaccine

It could take months to vaccinate MN teachers, people 65 and older

"This is going to be harder than going to Ticketmaster and trying to get Bruce Springsteen tickets," Walz said.

Herb Brooks statue

Trump's planned statue garden would include 2 Minnesotans, others with MN links

But there were some notable names absent from the wide-ranging and eclectic list.

k9 zeke

Petition seeks to allow retired Corcoran officer to keep K9 partner

Corcoran's public safety director says if K9 Zeke is donated to the officer it will be a loss for the department.

covid

Here is Minnesota's COVID-19 update for Monday, Jan. 18

The latest update from the Minnesota Department of Health.

Tom Kelly Jr.

Tom Kelly Jr., son of Twins World Series manager, dies at 42

He was a member of the 2001 UST national championship team.

Hennepin County CSI

Police: Man shot in the head by woman in Richfield

It happened in the early hours of Monday.

Related