U.S. office supply retailer Office Depot Inc closed a merger deal with rival OfficMax Inc., according to a report by Fox News.
The report stated that the chief executives of both firms, Neil Austrian and Ravi Saligram, will be named co-CEOs of the combined company temporarily. It also said that the closing came at the same time that both retailers reported missing missing the profit targets of Wall Street.
The previous week, the office firms received the go signal to close their USD976 million deal. This deal aims to cut costs, consolidate stores, and improve their chances of competing with other rivals, the Fox News report said.
For the meantime, the combined company will operate under the name "Office Depot, Inc." It will use the symbol ODP to trade on the New York Stock Exchange. It will also go on with its operations in Florida and Illinois until it can name a new CEO and decide on the location of its headquarters.
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