Office Depot is set to sell its stores in the People’s Republic of China to Shanghai M&G COLIPU Office Supplies Co, a trading unit of Shanghai M&G Stationery, a publicly traded company that manufactures pens and stationery. It had previously sold its South Korean business to Excelsior Capital Asia, with its stores in Australia and New Zealand selling to Platinum Equity.
Office Depot recorded sales of around US $11 billion for 2016 and continues to employ over 2000 people at its HQ in Boca Raton, Florida. CEO Gerry Smith said that proceeds from these international sales will give Office Depot flexibility as its focuses on its North American business.
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