The ODP Corporation (ODP)

The ODP Corporation is the parent of Office Depot, one of the largest sellers of office supplies in the United States. The Office Depot brand dates to 1986, when the first superstore opened in Florida, and the company grew quickly into a national chain that popularized the large-format office supply store. Its corporate headquarters was in the Boca Raton, Florida area.

A major turning point came in 2013, when Office Depot merged with OfficeMax, a competitor founded in the late 1980s and based in Ohio. The combination added a second national retail brand and a large contract and business-to-business sales operation. The company also operated Grand&Toy in Canada. After the merger, management focused on closing overlapping stores, consolidating distribution and shifting emphasis from retail toward business customers.

In October 2020 the company reorganized under a holding company named The ODP Corporation, with the Nasdaq ticker ODP. It reported results in segments that included Business Solutions, Retail and a supply chain and distribution arm that was later branded Veyer. The Business Solutions division sold supplies, furniture, technology, cleaning and breakroom products and print services to small, midsize and enterprise customers through sales teams, catalogs and e-commerce, while the Retail division operated the Office Depot and OfficeMax stores.

The company faced long-term pressure from declining demand for paper-based office products, competition from online retailers and warehouse clubs, and the shift to remote and hybrid work. Management responded with cost reductions, store closures, expansion of its business-to-business offerings and a program of share repurchases. By 2025 the business was positioned as a provider of products, services and technology to businesses, with a smaller retail footprint than at its peak.

On September 3, 2025, ODP announced a definitive agreement to be acquired by Atlas Holdings, a Greenwich, Connecticut-based private investment firm that owns and operates industrial and distribution businesses. Atlas agreed to pay $28.00 per share in cash for all outstanding common stock, in a transaction valued at approximately $1 billion. The ODP board, after evaluating the offer, recommended that shareholders approve the merger.

Following shareholder approval and the satisfaction of regulatory conditions, Atlas completed the acquisition on December 10, 2025. Each share of ODP common stock was converted into the right to receive $28.00 in cash, and the company became privately held. A Form 25 was filed with the SEC the same day to remove the common stock from listing on Nasdaq, and ODP shares ceased trading. Atlas named Craig Gunckel as chief executive officer at the closing.