Boca Raton, Fla. -- Office Depot said Thursday it will sell its Japan business to Japanese distribution company Kakuyasu.
The transaction also includes an agreement for Kakuyasu to license Office Depot’s trade names, obtain sourcing services and continue to support Office Depot’s global customers in Japan. Kakuyasu is one of the fastest growing and leading multichannel businesses in Japan with fiscal-year 2009 sales of $775 million.
Financial terms of the transaction were not disclosed. Office Depot established operations in Japan in 1996 but has not had any stores in the country since selling them off in 2009.
“We believe the combination of Office Depot’s brand, merchandising and sourcing capabilities, coupled with Kakuyasu’s multi-channel business, distribution network and local expertise, will significantly strengthen our competitive position in this market,” said Charlie Brown, president of the International Division of Office Depot.