Welcome to our dedicated page for The Odp news (Ticker: ODP), a resource for investors and traders seeking the latest updates and insights on The Odp stock.
The ODP Corp (ODP) provides essential business solutions through its integrated B2B platform, serving enterprises and retail customers with office supplies, technology, and supply chain services. This page aggregates official news and press releases about ODP’s operational developments, financial performance, and strategic initiatives.
Investors and business professionals will find updates across ODP divisions including Veyer’s global supply chain management, Varis’ tech-enabled procurement marketplace, and corporate restructuring efforts. Key content includes earnings announcements, leadership changes, partnership agreements, and product/service expansions.
Bookmark this page to track ODP’s progress in transforming business procurement through its dual retail/B2B model. Check regularly for verified updates about operational milestones across its distribution network and digital platforms.
CompuCom, a subsidiary of The ODP Corporation (NASDAQ:ODP), has joined the global Women in Technology (WiT) Network as a corporate member. This partnership empowers female associates through networking, mentoring, and education initiatives. CompuCom aims to create a more inclusive workplace, supporting gender equality and leadership opportunities for women. The membership aligns with their long-term commitment to gender equality, especially in the face of challenges posed by COVID-19. Through WiT, CompuCom will enhance its efforts in fostering a diverse workforce.
On March 31, 2021, USR Parent, Inc. (Staples) announced it is evaluating all options for acquiring assets from The ODP Corporation (NASDAQ: ODP). This follows ODP's March 15 announcement regarding a potential sale of certain assets. Staples has paused its planned March 2021 tender offer for ODP's common shares but retains the option to proceed in the future. Staples is currently working with regulatory bodies, including the FTC and Canadian Competition Bureau, to secure necessary clearances for the proposed transaction.
The ODP Corporation (NASDAQ:ODP) updated investors on the malware incident that affected its subsidiary, CompuCom, on March 1, 2021. The Company expects a revenue loss between $5 million and $8 million for March, due to service suspensions. Additionally, accrued expenses may reach $20 million as CompuCom restores services. Although some operations continued, full service restoration is anticipated by the end of March. ODP holds cyber insurance to mitigate these losses. The final financial results will be disclosed on or about May 5, 2021.
The ODP Corporation (NASDAQ:ODP), a top provider of business services and digital workplace technology, announced that D. Anthony Scaglione, EVP and CFO, will participate in a virtual fireside chat at Sidoti & Company’s Spring Virtual Investor Conference on March 24 at 8:30 am (ET). The event will be accessible via the company's investor relations website for 90 days post-conference. ODP offers a comprehensive B2B distribution platform, serving small to enterprise businesses through brands like Office Depot and OfficeMax.
The ODP Corporation's Board of Directors has unanimously rejected a proposal from USR Parent Inc., the owner of Staples, to acquire various ODP assets. The proposal, dated March 10, 2021, lacked clear asset valuation and commitment from Staples to proceed with the transaction. While open to discussions around a potential joint venture or sale under acceptable terms, ODP emphasized its focus on building its B2B strategy. The rejection underscores ODP's commitment to maximizing shareholder value and navigating regulatory processes without obligation to engage with Staples.
CompuCom, a subsidiary of The ODP Corporation (NASDAQ:ODP), reported a malware incident affecting some customer services. The investigation is ongoing, with no indication of direct impact on customer systems so far. Immediate containment measures have been implemented, and cybersecurity experts are engaged. CompuCom is working to restore services promptly and appreciates customer support during this disruption. The company specializes in managed workplace services and digital solutions for businesses of all sizes.
The ODP Corporation (NASDAQ: ODP) reported a 4Q20 revenue of $2.3 billion, a 9% decline year-over-year, driven by the ongoing impacts of the COVID-19 pandemic. Operating income was $21 million, down from $74 million in 4Q19. For FY20, total sales dropped to $9.7 billion, with a net loss of $319 million compared to a net income of $99 million in FY19. Despite challenges, ODP reported a liquidity of $1.7 billion and continued to invest in its B2B pivot and digital transformation, partnering with Microsoft to enhance its offerings.
The ODP Corporation (NASDAQ: ODP) is enhancing its collaboration with Microsoft to improve growth and efficiency among B2B customers. This partnership will utilize Microsoft Azure for migrating workloads and introduce ODP’s digital procurement platform to Microsoft Dynamics 365 Business Central users, optimizing procurement processes. CEO Gerry Smith highlighted this as a significant step in ODP’s transformation into a leading B2B provider. Additionally, technology expert Prentis Wilson has joined ODP to spearhead the new technology business focused on modernizing B2B sourcing and supply chains.
The ODP Corporation (NASDAQ: ODP) has acquired BuyerQuest Holdings, a leader in cloud-based Procure-to-Pay software, enhancing its B2B distribution platform. This acquisition speeds up ODP's tech development, enabling a comprehensive eCommerce and supply chain platform that transforms business transactions. BuyerQuest, known for its efficient eCommerce solutions, manages substantial monthly spending for major organizations across various sectors. CEO Gerry Smith emphasizes the strategic alignment of BuyerQuest’s capabilities with ODP's goals, supported by the recent addition of industry veteran Prentis Wilson to the team.
The ODP Corporation (NASDAQ: ODP) has appointed Prentis Wilson to lead its new technology initiative aimed at enhancing B2B sourcing, purchasing, and supply chain solutions. Wilson, with a background at Amazon Business and Boxed.com, is tasked with driving digital transformation within the company. ODP seeks to capture a share of the $8 trillion B2B market, emphasizing the need for suppliers to adopt advanced eCommerce technologies. This move is part of ODP's broader strategy to evolve into a leading B2B platform.
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