Office Depot completes merger with ex-rival OfficeMax

Miami /
Nov.November 06, 2013 12:00 PM

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


Related Articles

arrow_forward_ios
From left: Vladislav “Bobby” Yampolsky and Robert P. Kelly along with an aerial view of 419 East Coconut Palm Road (Getty Images, Google Maps)
Luxury retailer buys waterfront Boca Raton home for $9M
Luxury retailer buys waterfront Boca Raton home for $9M
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
Babak Ebrahimzadeh with The Contemporay
Babak Ebrahimzadeh proposes West Palm office project
Babak Ebrahimzadeh proposes West Palm office project
 Related Companies' Stephen Ross and a rendering of 515 Fern (Getty, Red Leaf NY)
Stephen Ross bets on West Palm office development — again
Stephen Ross bets on West Palm office development — again
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
A rendering of the proposed office building and Michael Shvo (Kobi Karp, Shvo)
Michael Shvo plans second Miami Beach office project
Michael Shvo plans second Miami Beach office project
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...