Office Depot Inc (NASDAQ:ODP) a renowned international provider of office products, solutions, and services through its OfficeMax and Office Depot brands, reported that its retail outlets will be closed on Thanksgiving Day. This decision is taken after reviewing both personal and business dynamics this year, permitting allies to spend time with friends and family.
Troy Rice, the COO of North America zone for Office Depot, said that they have assessed store hours for Thanksgiving Day and weighed the personal and business considerations. As a result, they concluded that it was best to offer a day off to associates so that they can spend time with friends and family. While company’s stores will be shut-down on Thanksgiving Day, clients can shop from website for great Black Friday deals on office supplies, laptops and gifts. Clients can choose in store pick-up for web purchases on November 25, 2016.
In a recent news, Office Depot reported the divestment of its European operations. This reported sale is believed to bring no proceeds for the firm. It puts light on the risks that equity investors may have to face in the coming period. Though for now, the balance sheet of the firm looks noticeably strong with its operations in North America running smoothly.
The problems can aggravate due to the FTC blocking the reported Staples merger and increasing competition on web platform. Due to peer pressures, the sale of Office Depot has not been so good in last released report.
The outlook for coming period remains highly challenged, driven by the increasing competition from online players, discount retailers, and market pioneers. Also, the performance is adversely impacted by the declining book value of ODP stock and restructuring costs. In 2013, Office Depot closed the purchase deal of smaller peer OfficeMax. However, the revenue base numbers of $17 billion, as reported by the deal, were never achieved. Sales managed to climb around $16 million in FY2014 but gradually came back to $14 billion last year.