Office Depot was founded in October 1986 (36 years ago) by F. Patrick Sher, Stephen Doughtery and Jack Kopkin, who became the company’s president and CEO, president and executive vice president, respectively.
All three were previously associated with Mr. HOW Warehouse, a home improvement business that Sher sold to Service Merchandise in 1983.The first store, located at the Lakes Mall in Lauderdale Lakes, Florida, opened in October 1986.The company announced its initial public offering of shares and went public in December 1988.
What is Office Depot?
Office Depot is a retailer of many office products and services. The company’s selection of branded office supplies includes office machines, computers, software and office furniture, while its business services encompass copying, printing, document reproduction, mail and delivery. ‘shipping.
Rapid Growth In The Early 1990s:
Office Depot continued to grow in 1989 and 1990, expanding beyond its regional base in the South into the Midwest. By the end of 1990, the company had 122 stores in 19 states and sales of $625 million. Much of this expansion was funded by the sale of 3.6 million shares for $41 million to Carrefour, a French chain of stores with subsidiaries across Europe.
With the interiors of its stores decorated to appeal to women, Office Depot has further separated itself from the warehouse-style interiors of OfficeMax and Staples. Ad critics agreed that after struggling to define its brand throughout the 1990s, Office Depot had finally differentiated itself during the runtime of “What You Need. What You Need To Know”.