Office Depot

National chain of office-supply stores.

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Headquarters:
6600 North Military Trail
Boca Raton, FL 33496
Employees: 56,000
CEO: Roland Smith
Stock Symbol: ODP

Website: http://www.officedepot.com

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Office Depot is one of the leading retailers of office supply products via superstores, catalogs and the Internet.

Office Depot stores sell brand name and private brand office supplies, business machines and computers, computer software, office furniture and other business-related products and services.

Staples announced in February it would merge with Office Depot in a deal worth $6.3 billion.

The chain has been hurt by declining sales due to competition from the Internet. The company plans to cut 400 stores by the end of 2016.

Office Depot ended the second quarter of 2015 with a total of 1,626 retail stores in the North American Retail Division. During the quarter, the company closed 99 stores. At the end of the second quarter of 2015, there were a total of 267 retail stores in the International Division, including 146 company-owned stores and 121 stores operated by franchisees and licensees.

History

Office Depot was founded in October, 1986 by Pat Sher, Jack Kopkin and Stephen Dougherty. They opened the first store in Fort Lauderdale, FL. In late 1987, David Fuente assumed the post of Chairman and Chief Executive Officer of the fledging company, and took Office Depot public in 1988. The Executive Team immediately began to execute an ambitious plan to expand the Company's footprint in key U.S. markets. The results were dramatic: By the end of 1990 Office Depot had 173 stores in 27 states. That same year, Office Depot announced its merger with The Office Club, Inc., becoming the largest office products retailer in North America.

In 1998, Office Depot merged with Viking Office Products.

On November 5, 2013, Office Depot completed its merger with Office Max, a national chain of office supply stores.

Benefits

Medical/Dental/Vision/Life Insurance Plans
All full-time eligible employees may participate in Medical, Dental/Vision, Disability, Basic Life & AD&D and Supplemental Life benefits on the first of the month following 90 days of active service.
401(k) Retirement Savings Plan
All employees are eligible to enroll in the Plan if they are at least 21 years of age and have completed 1,000 hours of active service within a 12 month period. Employees may contribute (pre-tax) 1% - 18% of weekly earnings. Amount of pre-tax savings may be limited based on salary. The Company will match $.50 for every $1.00 contributed up to 6% of their pay. The matching funds are invested in the Office Depot Stock Fund. Employees are eligible to roll over a distribution from a previous employer's Qualified Plan upon hire.
Employee Stock Purchase Plan
All employees who have attained the age of majority in their state are eligible to participate in the stock purchase plan. Employees may contribute between $3.00 to $400.00 per week. Stock is purchased at 85% of fair market value.
Certain positions may be eligible for stock options and cash bonuses
Disability Income Plan

Full-time employees may participate in both the short and long term disability program the first of the month following or coinciding with 90 days of active service. This plan offers employees the opportunity to receive short and long term salary replacement should they become permanently or temporarily disabled.
Paid Holidays/Personal/Vacation/Sick Time
Tuition Reimbursement Program

Full-time employees with 6 months of continuous active service and part-time employees with 1 year of continuous active service prior to the start of the course are eligible to apply for tuition assistance through the Office Depot Tuition Reimbursement Program. Courses must be job related or part of a degree requirement.
Employee Assistance Program
A program of brief counseling and other forms of assistance to employees and their household members suffering from emotional and family problems, substance abuse, etc. is available at no cost to all employees.
Office Depot Employee Discount
All employees are eligible for a 10% discount off regular priced merchandise in Office Depot retail locations.
Matching Gifts for Education
Office Depot will match an employee's individual contribution of at least $25, to an annual maximum of $10,000 made to a qualifying educational institution that meets the guidelines of the Program.
Matching Gifts for Volunteer Leaders
Office Depot will match an employee's individual contribution of at least $25, to an annual maximum of $5,000, if the employee is a member (i.e. director, trustee) of the governing body of a qualifying non-profit organization.
Grants for Volunteers
Employees who volunteer a minimum of 40 hours (without pay) of their own time during any 6 month period to an eligible organization, may apply for two grants in the amount of $500 each per calendar year. These grants will be donated directly to the organization.

Updated August 9, 2015