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Office Depot to sell joint venture in Latin American operation
Boca Raton, Fla. -- Office Depot has reached an agreement to sell its 50% stake in Office Depot de Mexico S.A. de C.V. to its joint venture partner Grupo Gigante, S.A.B. de C.V. for roughly $690 million in cash.
Office Depot de Mexico, which was founded in 1994 as a joint partnership between Office Depot and Grupo Gigante, has more than 248 stores throughout Mexico and Central America and more than $1.1 billion in annual sales.
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Neiman Marcus’ revenues, net earnings up in Q3
DALLAS — Neiman Marcus reported net earnings of $71 million for the third quarter ended April 27, a 13% increase from $63 million in the prior year.
The company’s total revenues for the quarter were $1.1 billion, a 4% increase from $1.06 billion in the prior year. Comparable revenues increased 4%.