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Office Depot, OfficeMax close deal
November 5, 2013 / 9:40 PM / 4 years ago

Office Depot, OfficeMax close deal

NEW YORK, Nov 5 (Reuters) - No. 2 U.S. office retailer Office Depot Inc on Tuesday closed its deal to buy smaller rival OfficeMax Inc and named the two company’s existing chief executives as co-CEOs of the combined company.

The news came on the same day that both companies reported third-quarter results that missed Wall Street’s profit on weak sales.

Last week, the companies got regulatory approval for their$976 million deal aimed at cutting costs, consolidating stores, boosting clout with suppliers and improving chances of fighting market leader Staples Inc and online and discount rivals.

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