ODP ODP Corporation

Item 8.01. Other Events.

On November 6, 2019, Office Depot, Inc. (the “Company”) announced that the Board of Directors of the Company (the “Board”) has authorized the Company’s management to conduct a feasibility review of the implementation of a holding company reorganization (the “Reorganization”) which is expected to be completed by the end of the first quarter of 2020. If implemented, the Reorganization is anticipated to create a new holding company, The ODP Corporation (the “HoldCo”), that will become the new parent company of the Company and will replace the Company as the public company trading on the NASDAQ Stock Market under the Company’s current ticker symbol “ODP.”

If the Reorganization is approved and consummated, each outstanding share of the Company’s common stock would automatically convert into shares of common stock of HoldCo on a one-for-one basis. The Reorganization would be implemented pursuant to Section 251(g) of the Delaware General Corporation Law, which permits the creation of a holding company through a merger with a direct or indirect wholly-owned subsidiary of the constituent corporation without shareholder approval. The management’s feasibility review will include confirmation that the anticipated Reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company’s shareholders.

The Company believes that the Reorganization would simplify the Company’s legal entity and tax structure, more closely align the Company’s operating assets to their respective operating channels within the legal entity structure, and increase its operational flexibility.

If implemented, the Reorganization is not expected to result in a change in the directors, executive officers, management or business of the Company, or to impact the timing of the declaration and payment of the Company’s regular quarterly dividends.

A copy of the Company’s press release announcing the feasibility review of the Reorganization is attached hereto as Exhibit 99.1.

Forward-Looking Statements

Certain statements in this Current Report on Form 8-K and the press release attached hereto as Exhibit 99.1 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements regarding the approval and consummation of the Reorganization. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of the Company and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. These forward-looking statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For example, risks and uncertainties that could affect the forward-looking statements set forth in this Current Report on Form 8-K include: the expected timing of the implementation and consummation of the Reorganization; the impact of the Reorganization on the Company’s branding and business; the costs of the Reorganization; and factors generally affecting the business, operations, and financial condition of the Company, including the information contained in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018, subsequent Quarterly Reports on Form 10-Q, and other reports and filings with the SEC.