The ODP Corporation Enters Into Definitive Agreement for a Sale and Partial Leaseback of Its Corporate Headquarters
August 24 2022 - 8:00AM
Business Wire
The ODP Corporation (“ODP” or the “Company”) (NASDAQ:ODP), a
leading provider of business services, products and technology
solutions to businesses and consumers through an integrated
business-to-business (B2B) distribution platform and omnichannel
presence, today announced that, subject to certain closing
conditions, it has reached a definitive agreement for a sale and
partial leaseback of its Boca Raton-based corporate
headquarters.
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Upon completion of a sale, The ODP Corporation expects to lease
a portion of the building’s office space from the new owner and to
continue to occupy it as the company’s headquarters for a minimum
of two years.
“I’m excited about this opportunity and our commitment to
maintaining Boca Raton as our headquarters and base of operations
while continuing to embrace our low-cost flexible business model,”
said Gerry Smith, chief executive officer for The ODP Corporation.
“This is another example of how we are committed to leveraging our
assets in the best way possible, enhancing our balance sheet and
identifying smart ways to drive The ODP Corporation’s long-term
growth and success.”
“This transaction provides us with greater flexibility and
lowers our annual operating costs,” said Anthony Scaglione, chief
financial officer of The ODP Corporation. “Going forward, we remain
committed to utilizing the strength of our balance sheet and
business model to further improve asset utilization and deliver
returns to shareholders.”
Upon closing, which is expected by year-end 2022, the Company
will provide additional details of the transaction.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of
business services, products and technology solutions to businesses
and consumers through an integrated business-to-business (B2B)
distribution platform and omnichannel presence, which includes
world-class supply chain and distribution operations, dedicated
sales professionals, online presence, and approximately 1,000
stores. Through its operating companies Office Depot, LLC; ODP
Business Solutions, LLC; Veyer, LLC; Varis, LLC; and Grand and Toy,
Ltd.; The ODP Corporation offers its customers the tools, resources
and capabilities they need to work successfully, responsibly and
sustainably in an ever-evolving work landscape. For more
information, visit news.theodpcorp.com and
investor.theodpcorp.com.
ODP and ODP Business Solutions are trademarks of ODP Business
Solutions, LLC. Office Depot is a trademark of The Office Club,
Inc. OfficeMax is a trademark of OMX, Inc. Varis is a trademark of
Varis, LLC. Grand&Toy is a trademark of Grand & Toy, LLC in
Canada. ©2022 Office Depot, LLC. All rights reserved. Any other
product or company names mentioned herein are the trademarks of
their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20220824005398/en/
Tim Perrott Investor Relations 561-438-4629
Tim.Perrott@officedepot.com
Danny Jovic Media Relations 561-438-1594
Danny.Jovic@officedepot.com
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