Office supplies giant sells another international unit

Office Depot continues to make good on its promise to focus on its North American business.



The retailer said it has closed on the sale of its business in South Korea to Excelsior Capital Asia, a Hong Kong- and Korea-based direct investment firm. Excelsior invests throughout Asia on behalf of major Korean institutions, pension funds and private family offices.



Office Depot had previously disclosed its intention to sell substantially all of its international businesses under a process that began in 2016. Most recently, it reached an agreement to sell its business in Australia and New Zealand to Platinum Equity, a global private equity firm.



“We are now one step closer to achieving our goal of divesting substantially all of our international businesses in order to focus on the growth opportunities available in the North American market,” said Gerry Smith, CEO, Office Depot, which operates approximately 1,400 retail stores operates under several banners. Its brands include Office Depot, OfficeMax and Grand & Toy.