Plans to Sell Off European Operations

Office Depot Inc. is planning to sell some of its European operations, after their merger with Staples Inc. was terminated due to antitrust concerns in the USA.

As reported by TonerNews, Staples agreed in February to sell Office Depot’s contract distribution business and its retail, online and catalog operations in Europe as well as all operations in Sweden. This was in order to win approval for its $6.3 billion takeover of Office Depot from European regulators.

The company revealed it was on track to close 400 stores this year or even more.

Moreover, Office Depot said it was also looking at “various capital structure and shareholder return alternatives”. Shares of the company rose 2.3% to $3.57 in after-hours trading.

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