November 5, 2013 / 9:40 PM / in 4 years

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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below