OFFICE DEPOT TO ACQUIRE FIVE STORES IN CANADA
OFFICE DEPOT TO ACQUIRE FIVE STORES IN CANADA DELRAY BEACH, Fla., Jan. 20 /PRNewswire/ -- Office Depot, Inc.
(NYSE: ODP), the nation's largest chain of office products superstores, today announced that it has entered into a letter of intent to acquire substantially all of the assets of H.Q. Office International, Inc., consisting of substantially all of the assets relating to the seven Great Canadian Office Supplies Warehouse locations in Western Canada. This letter of intent is subject to, among other things, negotiation of a definitive purchase agreement between Office Depot, Inc. and H.Q. Office International, Inc.
"This agreement enables Office Depot to enter the important Canadian market with an established base of five existing stores, leases for two additional stores and a staff of office products professionals already experienced in doing business in Canada," said Mark Begelman, president and chief operating officer of Office Depot, Inc. Great Canadian Office Supplies Warehouse currently operates five stores in Canada, including two in Edmonton and one store each in Calgary, Vancouver and Victoria. Office Depot, Inc. currently operates 235 stores in 29 states. Begelman says that he expects the transaction to be consummated in March 1992. -0- 1/20/92 /CONTACT: Gary Schweikhart of Office Depot, 407-265-4399/ (ODP) CO: Office Depot, Inc.; Great Canadian Office Supplies Warehouse; H.Q. Office International, Inc. ST: Florida IN: REA SU: TNM
AW-SS -- FL007 -- 1509 01/20/92 16:06 EST
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|Date:||Jan 20, 1992|
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