Retail giant Office Depot’s future in South Florida is uncertain after the company finalized its merger with fellow office supply chain OfficeMax.
The merger became official after the stock market closed yesterday. For now, Office Depot is still based at 6600 North Military Trail in Boca Raton. But that could change once a decision is made on a headquarters for the merged company.
A selection committee is set to choose a CEO for the company, the Palm Beach Post reported. Office Depot CEO Neil Austrian and OfficeMax CEO Ravi Saligram are jointly leading the company until the committee makes its decision.
Both companies reported profitable third quarters in individual earnings reports. But both posted year-over-year sales declines. Together, the companies project to generate $18 billion in annual sales, which trails rival Staples.
Office Depot has called Palm Beach County home for 25 years. It is one of two Fortune 500 companies based in the county. The company received $600,000 last year as part of a 10-year tax refund agreement with the county.
OfficeMax is currently based in Naperville, Ill. An Illinois state senator is pushing an incentive plan to persuade the company to stay put. [Palm Beach Post] – Eric Kalis