Office Depot, LLC

The back-to-school shopping season is in full swing, and Office Depot is ready.   With back-to-school spending expected to reach $83.6 billion, an increase of more than 10% over last year’s $75.8 billion, according to the National Retail Federation, Office Depot is eager to grab its portion of this back-to-school wallet share. To achieve this goal, the office supplies retailer is diversifying assortments and stepping up fulfillment efforts.  

Westlake Ace Hardware has announced two executive promotions.   The company promoted current COO Joe Jeffries to president and COO, continuing to support CEO Tom Knox. In addition, Andrew Schmitt will be promoted to the position of VP of operations for Westlake Ace Hardware. Schmitt currently holds the position of director of retail operations – Western Division, for Ace Hardware Corporation.  

Amazon’s third annual Prime Day was its biggest shopping event yet — and the biggest day in its history for signing up new Prime members.  

Office Depot had one goal when updating its loyalty program: to make sure that every shopper is rewarded.   The office supplies giant debuted its new loyalty program. Besides being free, the “Office Depot OfficeMax Rewards Everything” program is designed to save customers money, and deliver expanded benefits. The program evolved following a year-long pilot in several markets, a process that enabled the company to gather customer feedback needed to redesign the program.   

The nation's largest office supply retailer is returning to private ownership.   Private equity firm Sycamore Partners has acquired Staples for $10.25 per share for cash. The deal is valued at about $6.9 billion.      

Kohl's has ended its search for a new finance chief.   The retailer has appointed Bruce H. Besanko to the position of CFO, effective July 10.  He will replace Wesley McDonald, who announced plans in November to retire this spring after 14 years with the company.  

Staples is close to returning to private ownership.   Private equity firm Sycamore Partners is in advanced talks to acquire Staples, according to numerous media reports. The deal could top $6 billion, reported Reuters, which said Sycamore is in the process of finalizing a debt financing deal with Staples. Sycamore repeatedly beat out Cerberus Capital Management in an auction.  

Office Depot is selling off another international unit.   The office supplies giant announced it will sell its stores in China to Shanghai M&G Colipu Office Supplies Co., Ltd. The public, China-based public company manufactures and sells writing instruments, as well as stationery products for offices and students.