New Zealand’s antitrust agency, the Commerce Commission, is seeking a court injunction to prevent U.S. private-equity firm Platinum Equity, which owns Staples, from acquiring OfficeMax Holdings. A press release from the Commerce Commission says it filed proceedings on November 2 in the High Court at Auckland seeking an injunction to prevent Platinum Equity from acquiring
On October 3, Office Depot announced that it has entered into an agreement to acquire CompuCom Systems for $1 billion. The struggling office-supplies retailer bills the move as a “first step” in its “strategic transformation” plan to become a “broader business services and technology products platform.” The company says that the acquisition will enable it
The New York state attorney general’s office announced this week that three more people have pleaded guilty to criminal charges in connection with a massive, well-organized, multi-state retail shoplifting ring that allegedly stole $12 million worth of printer ink cartridges and other electronics that were then sold on Amazon and eBay (see “Printer Cartridge Theft
Last month, when Actionable Intelligence reported that Sycamore Partners, a private-equity firm that has specialized in retailer turnarounds, had agreed to buy Staples for $6.9 billion (see “Staples to Be Acquired by Sycamore Partners for $6.9 Billion”), we noted some analysts’ skepticism about the odd fit. Odd because rather than focusing on turning to turn
Office Depot’s drumbeat of global retreat continues. Last year, the company announced plans to sell its international business to focus on North America. On Friday, June 2, Office Depot said it had found a buyer for stores in the People’s Republic of China. The buyer, Shanghai M&G COLIPU Office Supplies Co., Ltd., is a subsidiary
Office Depot’s sale of overseas assets continues. The latest business to be sold off as part of the struggling office-supplies superstores endeavor to refocus on the North American market is Office Depot’s business in South Korea, which has been sold to Excelsior Capital Asia, a private equity and venture capital firm. In a company press
Last September, after Office Depot sold its European business following its failed merger with Staples (see “Office Depot to Sell European Business, Staples Appoints New CEO” and “FTC Succeeds in Shutting Down Staples and Office Depot Merger”), the company put up a “for sale” sign on its stores in Australia and New Zealand. This week,
For the past several years, thousands of Amazon and eBay customers have given good reviews to a company called American Media Soft, which sold printer cartridges and other electronics online. This week, New York Attorney General Eric Schneiderman accused the company of running a well-organized multi-state theft ring that stole over $12 million worth of
Staples has completed the sale of a controlling interest in its European business unit, a €1.7 billion operation that includes retail, contract, and online businesses in 17 countries. Staples will retain a 15 percent equity stake in the business, which has been separated into a privately held company called Staples Solutions B.V. The announcement completes
Boca Raton, FL-based Office Depot has named an executive at Lenovo Group to become its new chief executive officer (CEO). Gerry P. Smith, currently executive vice president and chief operating officer at Lenovo, will join Office Depot on February 27. Current Office Depot CEO Ronald Smith announced his retirement last August, after the company’s failed
