Office Depot Exits South Korea

Office Depot has concluded its business in South Korea.

According to Office Depot, the company has closed on the deal of selling its South Korean business to Excelsior Capital Asia, a direct investment firm that invests in companies in North Asia.

Excelsior Capital Asia is based in Hong Kong and Korea. The company makes investments throughout Asia for major Korean institutions, pension funds and private family offices.

This sale happened shortly after Office Depot’s exit from Australia and New Zealand market last week.

Gerry Smith, the CEO of Office Depot said, “This transaction follows on the recently announced agreement to sell our businesses located in Australia and New Zealand. We are now one step closer to achieving our goal of divesting substantially all of our international businesses in order to focus on the growth opportunities available in the North American market.”

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