Office Depot, Inc. announces the appointment of Gerry P. Smith as new CEO

BOCA RATON, Fla., 2017-Jan-31 — /EPR Retail News/ — Office Depot, Inc. (NASDAQ:ODP), a leading global provider of office supplies and services, today ( January 30, 2017) announced that its Board of Directors has appointed Gerry P. Smith as Chief Executive Officer of the company, effective February 27, 2017. Gerry Smith will succeed current CEO Roland Smith, who previously announced his intention to retire from the company.

An experienced executive, Gerry Smith currently serves as Executive Vice President and Chief Operating Officer at Lenovo Group, a $45 billion leading global technology company. During his time at Lenovo, he was instrumental in defining and leading the company’s ambitious growth objectives and operational efficiencies, which drove increases in market share and profitability.

“On behalf of the Board, I’m pleased that we recruited a leader with Gerry’s broad skill set to lead Office Depot at this important time in the company’s history,” said Warren Bryant, Lead Director of the Board of Directors and Chair of the CEO Search Committee. “Gerry possesses significant operating expertise, having successfully led business units across Lenovo’s entire product portfolio, including an industry recognized supply chain organization. His long-standing relationships with some of Office Depot’s largest suppliers will enable him to quickly transition into the role. Additionally, we are impressed with Gerry’s demonstrated ability to lead large, complex organizations.”

“I am delighted to accept the position of Chief Executive Officer at Office Depot,” said Gerry Smith. “Roland and his team have implemented a compelling three-year strategy and clearly put the company on a positive trajectory. I look forward to continuing the company’s momentum and identifying additional opportunities to provide customers with an exceptional experience, drive innovation and growth in products and services, while delivering value to the company’s shareholders.”

“Roland has been an outstanding CEO and, on behalf of the entire Board, I’d like to express our sincere appreciation for his leadership,” continued Bryant. “He has consistently delivered positive results, led the successful integration of Office Depot and OfficeMax to achieve synergies and efficiencies significantly exceeding original expectations, and he created and implemented a new three-year strategic plan. As a result of his contributions, the company is well positioned for continued future success.”

“As I communicated last fall, stepping away from Office Depot has not been an easy decision,” said Roland Smith. “I’m extremely proud of what our management team and associates have accomplished. During the past three years, we have delivered a significant improvement in profitability, made substantial progress on all the components of our strategic plan and now have an incoming CEO with an outstanding track record of producing results. With that solid foundation, now is the right time for me to focus on realizing some of my personal ambitions. I want to thank the entire Office Depot team for their incredible hard work, dedication and support during my tenure.”

In connection with this transition, the Board sought to diversify the overall corporate governance structure with the selection of an independent non-executive Board Chairman to lead the Board of Directors. Current Board member Joseph S. Vassalluzzo will become Chairman effective February 27, 2017. Vassalluzzo joined the Office Depot Board in August 2013 and currently serves as Chair of the Finance and Integration Committee. He also serves as Non-Executive Chairman of the Board for Federal Realty Investment Trust and previously served as Lead Director for Lifetime Fitness. Earlier, he was employed by Staples, Inc., most recently as Vice Chairman.

In conjunction with his appointment as CEO, Gerry Smith will also join the Office Depot Board as a director.

The company plans to release its fourth quarter financial results on March 1, 2017.

About Gerry P. Smith

Prior to joining Office Depot, Inc., Gerry Smith served as Executive Vice President and Chief Operating Officer of Lenovo Group. Gerry joined Lenovo in 2006 and was instrumental in the company’s growth to become the largest personal computer (PC) company. He was also a leader in building the company’s global brand recognition and expansion during the past decade. In his role as Executive Vice President and Chief Operating Officer, he was responsible for all operations across Lenovo’s $45 billion global product portfolio.

Previously as Chief Operating Officer of the Personal Computing Group and Enterprise Business Group, he led Lenovo to the top position in world-wide PC sales and as President of the Americas, he led Lenovo’s America’s Group to record market share and profits. He also served as Senior Vice President of Lenovo’s Global Supply Chain, where his leadership was recognized by leading research firm, Gartner, in ranking Lenovo’s supply chain among the best in the world.

Prior to Lenovo, Gerry had a number of executive positions at Dell, as the company became a global leader in PCs. In his last role, he built the Dell Singapore Design Center and led Dell to the leading market position in flat panels as Vice President and General Manager of Displays.

He is a graduate of Pacific Lutheran University.

About Office Depot, Inc.

Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school or car.

Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.

As of our most recent filed annual report for fiscal year ended 2015, the Company had annual sales of approximately $14 billion, employed approximately 49,000 associates, and served consumers and businesses in 59 countries with approximately 1,800 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, franchisees, licensees and alliance partners. The Company operates under several banner brands including Office Depot, OfficeMax and Grand & Toy. The company’s portfolio of exclusive product brands include TUL, Foray, Brenton Studio, Ativa, WorkPro, Realspace and HighMark.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP.”

All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.

FORWARD LOOKING STATEMENTS

This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot’s control. There can be no assurances that Office Depot will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements.

Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks related to the termination of the Staples acquisition, disruption in key business activities or any impact on Office Depot’s relationships with third parties as a result of the announcement of the termination of the Staples Merger Agreement; unanticipated changes in the markets for Office Depot’s business segments; the inability to realize expected benefits from the disposition of the European operations; fluctuations in currency exchange rates, unanticipated downturns in business relationships with customers; competitive pressures on Office Depot’s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technology products and services; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot’s Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Office Depot does not assume any obligation to update or revise any forward-looking statements.

Contact:
Richard Leland
561-438-3796
Investor Relations
Richard.Leland@officedepot.com

Karen Denning
630-438-7445
Media Relations
Karen.Denning@officedepot.com

Source: Office Depot, Inc.

The AURELIUS Group to acquire Office Depot’s European business

BOCA RATON, Fla., 2016-Sep-26 — /EPR Retail News/ — Office Depot, Inc. (NASDAQ:ODP) today (September 23, 2016) announced that it intends to sell its European business to The AURELIUS Group.

Office Depot had previously disclosed its intention to explore strategic alternatives regarding its European business, under a process that began earlier this year.

“The sale of our European business will allow us to streamline operations and focus our resources on markets that will provide the best opportunity to implement our recently announced three year strategic plan,” said Roland Smith, chairman and chief executive officer for Office Depot. “The AURELIUS Group has a proven track record of positioning its acquisitions for future success and we look forward to working with them to complete this transaction.”

Since 2005 AURELIUS has completed more than 70 transactions across Europe and specializes in investing in companies and corporate spin-offs, as well as complex divisional carve-outs from corporates.

The transaction is structured as an equity sale, for nominal consideration, with the buyer acquiring the European business with its assets and liabilities. Annual revenue for the European business is approximately EUR 2 billion. The transaction, which has been approved by Office Depot’s Board of Directors, is subject to regulatory approval from the European Commission and consultation with the central works council, which represents employees in France. The transaction is expected to close by the end of 2016.

Goldman, Sachs & Co. acted as Office Depot’s exclusive financial advisor on the transaction.

About Office Depot, Inc.

Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school or car.

Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.

The Company has annual sales of approximately $14 billion, employs approximately 49,000 associates, and serves consumers and businesses in 59 countries with approximately 1,800 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, franchisees, licensees and alliance partners. The Company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy, and Viking. The company’s portfolio of exclusive product brands include TUL, Foray, Brenton Studio, Ativa, WorkPro, Realspace and HighMark.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP”. Additional information about the transaction can be found in the Company’s Form 8-K filed today. Additional press information can be found at: http://news.officedepot.com .

All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.

FORWARD-LOOKING STATEMENTS

This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot’s control. There can be no assurances that Office Depot will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements.

Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks related to the termination of Office Depot’s pending acquisition by Staples, disruption in key business activities or any impact on Office Depot’s relationships with third parties as a result of the announcement of the termination of the Staples Merger Agreement; unanticipated changes in the markets for Office Depot’s business segments; the inability to realize expected benefits from Office Depot’s European restructuring plan; fluctuations in currency exchange rates, unanticipated downturns in business relationships with customers; competitive pressures on Office Depot’s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technology products and services; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot’s Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as well as the Form 8-K filed today with respect to the proposed transaction. Office Depot does not assume any obligation to update or revise any forward-looking statements.

Contact:
Richard Leland
561-438-3796
Investor Relations
Richard.Leland@officedepot.com

Karen Denning
630-438-7445
Media Relations
Karen.Denning@officedepot.com

Source: Office Depot, Inc.

Office Depot CEO Roland Smith announces plans of retirement

BOCA RATON, Fla, 2016-Aug-24 — /EPR Retail News/ — Office Depot, Inc. (NASDAQ:ODP) today (August 22, 2016) announced that Roland Smith plans to retire as Chief Executive Officer of the company. Smith will continue to serve as CEO until a successor is named, which is expected by the end of first quarter 2017. It is expected Smith will remain Chairman of the Board. The Board of Directors will evaluate, with the assistance of an executive search firm, both internal and external candidates for CEO.

“Since joining Office Depot in November 2013, Roland has built and led a talented management team that has done an outstanding job of integrating Office Depot and OfficeMax, and delivered synergies and efficiencies that significantly exceeded expectations,” said Warren Bryant, Lead Director of the Board of Directors. “In addition, Roland and his team worked closely with the Board to develop a clear and compelling three-year strategic plan that positions the company for profitable growth. Roland has led the company to a position of solid standing, and we appreciate his ongoing leadership and commitment to Office Depot as we identify and transition to our next CEO.”

“My decision to retire has not been an easy one. In 2013, I set aside a number of personal ambitions to accept a three-year contract with Office Depot, and it’s now time for me to refocus on those priorities,” said Smith. “I am extraordinarily proud of what the Office Depot team has accomplished these past three years, and I am confident that we will successfully execute our new strategy and grow shareholder value.”

Executive Reorganization

Office Depot also announced today that it is reorganizing its Executive Committee to better align with the three-year strategic plan unveiled by the company earlier this month. As part of that plan, Office Depot is consolidating its retail, contract, ecommerce and marketing operations to better serve our customers in today’s omni-channel marketplace. These functions will now report to Troy Rice, who has been named to the newly-created position of Chief Operating Officer, North America. Rice currently serves as Office Depot’s Executive Vice President, Retail, where he successfully led the integration of the Office Depot and OfficeMax store operations, drove same store sales improvements and significantly grew operating profit.

The company has also named Rob Koch to the newly-created position of Executive Vice President, Business Development, where he will be responsible for identifying and commercializing new business opportunities. In this role, Koch will have substantial responsibility for rolling out Office Depot’s store of the future and the expansion of adjacency opportunities, including Jan-San. Koch is currently Senior Vice President, Real Estate, and will continue to oversee the company’s real estate portfolio, including leading Phase II of the retail optimization plan.

Rice and Koch will report to Mark Cosby, President, North America, until a new CEO is named, at which time the President and CEO roles will be consolidated and they will report directly to the CEO and serve on the company’s Executive Committee.

Additionally, Steve Calkins, Executive Vice President, Contract, has been promoted to Executive Vice President and Chief Legal Officer. Calkins is a seasoned legal and business leader who previously served as Vice President and Deputy General Counsel of the company, as well as spent a number of years in private law practice. Calkins replaces Elisa Garcia, who recently left the company. Calkins will report to the CEO and serve on the company’s Executive Committee.

“Troy and Rob are both experienced and talented executives who have provided critical leadership during extraordinary times at Office Depot,” said Smith. “Troy’s ability to lead our organization through the integration of the Office Depot and OfficeMax stores and significantly improve retail profitability positions him perfectly to align our retail, contract and ecommerce functions for optimal customer service and efficiency. Rob’s leadership in rolling out the first phase of our store of the future has demonstrated his capacity to think creatively and commercialize new opportunities.

“In addition, Steve’s excellent work as head of our contract business combined with his previous role as Office Depot’s Deputy General Counsel allows him to return to the legal department as a well-rounded leader with a broader business perspective.”

Roland Smith will provide a statement via webcast for analysts and investors today at 8:30 a.m. Eastern Time. The live audio of the webcast can be accessed via the Internet by visiting our Investor Relations website at investor.officedepot.com.

About Office Depot, Inc.

Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school or car.

Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.

The Company has annual sales of approximately $14 billion, employs approximately 49,000 associates, and serves consumers and businesses in 59 countries with approximately 1,800 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, franchisees, licensees and alliance partners. The Company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy, and Viking. The company’s portfolio of exclusive product brands include TUL, Foray, Brenton Studio, Ativa, WorkPro, Realspace and HighMark.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP”. Additional press information can be found at: http://news.officedepot.com .

All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.

FORWARD LOOKING STATEMENTS

This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot’s control. There can be no assurances that Office Depot will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements.

Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks related to the termination of Office Depot’s pending acquisition by Staples, disruption in key business activities or any impact on Office Depot’s relationships with third parties as a result of the announcement of the termination of the Staples Merger Agreement; unanticipated changes in the markets for Office Depot’s business segments; the inability to realize expected benefits from Office Depot’s European restructuring plan; fluctuations in currency exchange rates, unanticipated downturns in business relationships with customers; competitive pressures on Office Depot’s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technology products and services; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot’s Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Office Depot does not assume any obligation to update or revise any forward-looking statements.

Investor Relations:
Richard Leland
561-438-3796
Richard.Leland@officedepot.com

Media Relations:
Karen Denning
630-438-7445
Karen.Denning@officedepot.com

Source: Office Depot, Inc.

Office Depot to receive $250 million from Staples

  • Will Receive $250 Million Termination Fee from Staples
  • Executes $1.2 Billion Five-Year Extension to its Credit Facility
  • Finalizing Comprehensive Business Review

BOCA RATON, Fla., 2016-May-18 — /EPR Retail News/ — Office Depot, Inc. (NASDAQ: ODP) today announced that the merger agreement between Staples, Inc. (NASDAQ: SPLS) and Office Depot has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016.

Simultaneously, Office Depot announced that it has successfully extended its asset-based credit facility for an additional five years. The new $1.2 billion facility will mature on May 13, 2021. The amended credit agreement reduces the overall fees and applicable spread on borrowing and modifies certain covenants to provide additional flexibility for incremental indebtedness, acquisitions, asset sales and restricted payments.

Additionally, the company is analyzing various capital structure and shareholder return alternatives, and has engaged Bain & Company to assist with finalizing a comprehensive strategic review of its business.

Office Depot Chairman and CEO, Roland Smith, commented, “The continued realization of synergies from the merger with OfficeMax has provided the Company with a significantly improved financial profile including a strong liquidity position and the ability to generate future cash flow as merger related expenditures abate over time. The extension of our credit facility provides us with substantial flexibility as we look to enhance shareholder value going forward.”

Mr. Smith continued, “In addition to our financial resources and motivated associates, we have a strong combination of operating assets that provide the foundation for our business. Our board and management team are committed to taking actions necessary to leverage this foundation and create value for shareholders. To that end, we are working to finalize our Framework for Growth and ensure that our capital structure is optimized to drive total shareholder return.”

Office Depot will host a webcast and conference call with analysts and investors today at 5:15 p.m. Eastern Time. The live audio webcast of the conference call can be accessed via the Internet by visiting our Investor Relations website at investor.officedepot.com.

About Office Depot, Inc.
Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school or car.

Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.

The Company has annual sales of approximately $14 billion, employs approximately 49,000 associates, and serves consumers and businesses in 59 countries with approximately 1,800 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, franchisees, licensees and alliance partners. The Company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy, and Viking. The company’s portfolio of exclusive product brands include TUL, Foray, Brenton Studio, Ativa, WorkPro, Realspace and HighMark.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP”. Additional press information can be found at: http://news.officedepot.com.

All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.

Office Depot, Inc.
Richard Leland, 561-438-3796
Richard.Leland@officedepot.com
or
Karen Denning, 630-438-7445
Karen.Denning@officedepot.com

Office Depot on Staples Merger: As the Staples merger process comes to an end we look forward to re-energizing our business

BOCA RATON, Fla., 2016-May-16 — /EPR Retail News/ — Office Depot, Inc. (NASDAQ: ODP) today issued the following statement from Chairman and Chief Executive Officer Roland Smith after the U.S. District Court in the District of Columbia granted the Federal Trade Commission’s (FTC) request for a preliminary injunction to block the proposed merger of Staples, Inc. (NASDAQ: SPLS) and Office Depot.

Smith commented:

“While we are respectful of the Court’s decision to grant the FTC’s request for a preliminary injunction to prevent our merger with Staples, we are disappointed by this outcome and strongly believe that a merger would have benefitted all of our customers in the long term. We do not intend to appeal the Court’s decision and the two companies plan to terminate the merger agreement effective May 16, 2016.

“As the Staples merger process comes to an end, we look forward to re-energizing our business. We remain committed to delivering our 2016 Critical Priorities and realizing the remaining synergies and efficiencies that come from the integration of Office Depot and OfficeMax. Once the Staples merger agreement is formally terminated, we plan to host an investor conference call on May 16 to discuss next steps in our go-forward strategy.”

About Office Depot, Inc.

Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school or car.

Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.

The Company has annual sales of approximately $14 billion, employs approximately 49,000 associates, and serves consumers and businesses in 59 countries with approximately 1,800 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, franchisees, licensees and alliance partners. The Company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy, and Viking. The company’s portfolio of exclusive product brands include TUL, Foray, Brenton Studio, Ativa, WorkPro, Realspace and HighMark.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP”. Additional press information can be found at: http://news.officedepot.com.

All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.

Office Depot, Inc.
Richard Leland, 561-438-3796
Richard.Leland@officedepot.com
or
Karen Denning, 630-438-7445
Karen.Denning@officedepot.com

Merger: Staples and Office Depot certified substantial compliance with the Request for Additional Information from US FTC

FRAMINGHAM, Mass. and BOCA RATON, Fla., 2015-9-2 — /EPR Retail News/ — Staples, Inc. (Nasdaq: SPLS) and Office Depot, Inc. (Nasdaq: ODP) today announced that they have certified substantial compliance with the Request for Additional Information (the “Second Request”) from the United States Federal Trade Commission (“FTC”) regarding the proposed merger between Staples and Office Depot.

Additionally, Staples and Office Depot have entered into a timing agreement with the FTC pursuant to which Staples and Office Depot have agreed not to close the proposed merger until at least forty-five full calendar days after each company has certified substantial compliance with the Second Request.

”We are pleased to have completed our submission of documents and information to the FTC in connection with the Second Request,” said Ron Sargent, chairman and chief executive officer, Staples. ”We will continue to work closely with the FTC, and we look forward to completing the transaction.”

“I want to thank our teams for their hard work over the past five months gathering and delivering to the FTC a massive amount of information to complete the Second Request,” said Roland Smith, chairman and chief executive officer, Office Depot.

IMPORTANT ADDITIONAL INFORMATION 

In connection with the proposed merger, Staples has filed with the SEC a registration statement on Form S-4 that includes a proxy statement of Office Depot that also constitutes a prospectus of Staples.  Staples filed the final proxy statement/prospectus with the SEC on May 18, 2015.  The registration statement was declared effective by the SEC on May 15, 2015.  Office Depot mailed the definitive proxy statement/prospectus to stockholders of Office Depot on or about May 19, 2015, and the stockholders approved the transaction on June 19, 2015.  The registration statement and the proxy statement/prospectus contain important information about Staples, Office Depot, the transaction and related matters.  Investors and security holders are urged to read the registration statement and the proxy statement/prospectus (including all amendments and supplements thereto) carefully.

Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus and other documents filed with the SEC by Staples and Office Depot through the web site maintained by the SEC at www.sec.gov.

In addition, investors and security holders may obtain free copies of the registration statement and the definitive proxy statement/prospectus from Staples by contacting Staples’ Investor Relations Department at 800-468-7751 or from Office Depot by contacting Office Depot’s Investor Relations Department at 561-438-7878.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Statements in this document regarding the proposed transaction between Staples and Office Depot, the expected timetable for satisfying conditions to the merger, including receiving regulatory approvals, and completing the transaction, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company and any other statements about Staples or Office Depot managements’ future expectations, beliefs, goals, plans or prospects constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any statements that are not statements of historical fact (including statements containing “believes,” “anticipates,” “plans,” “expects,” “may,” “will,” “would,” “intends,” “estimates” and similar expressions) should also be considered to be forward looking statements.  There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including:  the ability to consummate the transaction; the risk that regulatory approvals required for the merger are not obtained or are obtained after delays or subject to conditions that are not anticipated; the risk that the financing required to fund the transaction is not obtained; the risk that the other conditions to the closing of the merger are not satisfied; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger; uncertainties as to the timing of the merger; competitive responses to the proposed merger; response by activist shareholders to the merger; uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; the ability to successfully integrate Staples’ and Office Depot’s operations and employees; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from the merger; litigation relating to the merger; the outcome of pending or potential litigation or governmental investigations; the inability to retain key personnel; any changes in general economic and/or industry specific conditions; and the other factors described in Staples’ Annual Report on Form 10-K for the year ended January 31, 2015 and Office Depot’s Annual Report on Form 10-K for the year ended December 27, 2014 and their most recent Quarterly Reports on Form 10-Q each filed with the SEC.  Staples and Office Depot disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this document.

Staples Media Contact:
Kirk Saville, 508-253-8530

Staples Investor Contact:
Chris Powers/Kevin Barry, 508-253-4632/1487

Office Depot Media Contact:
Karen Denning, 630-864-6050

Office Depot Investor Contact:
Michael Steele, 561-438-3657