Under the terms of the deal, the combined company's board of directors would have equal representation from each company, and a committee would conduct a search for a CEO.
The combined company's name and corporate headquarters would be determined after a CEO is appointed. In Central Massachusetts, each chain has only one store. Stay connected! Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community.
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After three years of renovations, Worcester restaurant will open new location. Retail same-store sales were flat. The numbers look even more impressive compared with Staples' primary competitors, who reported middling-to-poor earnings earlier this summer. Yet it had to reduce its full-year sales forecast from a projected gain to a possible reduction in revenue. Retail sales, nearly half of OfficeMax' revenue, declined 0.
The stock fell nearly 13 per cent on the Aug. Office Depot reported yet another quarterly loss, albeit smaller and better than analysts' expectations; it was the company's eighth loss in the last nine quarters. Retail sales fell 2 per cent overall and 1 per cent on a same-store sales basis. North American business sales dropped 6 per cent. The stock has fallen 14 per cent since the July 27 earnings report. Worse, Office Depot has been beleaguered by regulatory problems: an investigation by the Securities and Exchange Commission about fair-disclosure rules violations, and allegations of overcharging various government customers.
The difficulties encountered by OfficeMax and Office Depot are part of a longer-term trend in which Staples has become both the biggest and best operator of the three.
Ten years ago, Office Depot was the largest of three major office supply retailers; Staples trailed slightly and Office Max brought up the rear. Staples 1yr inline. Souers said. Staples has managed to post better operational metrics than its competitors even as it's blown by them in top-line growth.
Staples' gross margin for the past 12 months, at
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