Office Depot And M.H. Alshaya Co. Sign Franchise Agreement
Office Depot (NYSE:ODP), a leading global provider of office products and services, together with M.H. Alshaya Co. (“Alshaya”), an international retailer operating over 40 international franchise brands throughout the Middle East, Eastern Europe and Russia, have concluded an agreement to sell office products and services under the Office Depot name. Under the agreement, Alshaya will be granted the franchise rights for all channels in the Kingdom of Saudi Arabia, the United Arab Emirates, Kuwait, the Kingdom of Bahrain, Qatar and Oman. The first four retail store locations are scheduled to open in 2009 in Kuwait City and Dubai.
Office Depot offers a broad assortment of products and services, competitive prices, and an informed staff of sales associates. With products ranging from ink and toner to office furniture and electronics, Office Depot has the products that help customers take care of their business.
“We are very pleased to have Office Depot as our partner,” said Mohammed Alshaya, Executive Chairman of M.H. Alshaya Co. “We believe there is a significant market for these products and services throughout the Middle East. We look forward to using our experience and regional knowledge to firmly establish Office Depot as the natural choice for businesses and individuals for all of their office supply needs.”
“Office Depot understands the importance of developing a retail business in the Middle East and is partnering with a very experienced company such as Alshaya,” said Ernst Wessel, VP International Franchise Development. ” We believe that the Office Depot business is particularly suitable and attractive as a franchising concept for certain territories and I look forward to talking with other potential partners.”
About Office Depot
Every day, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune 500 companies, Office Depot provides products and services to its customers through 1,705 worldwide retail stores, a dedicated sales force, top-rated catalogs and a $4.9 billion e-commerce operation. Office Depot has annual sales of approximately $15.1 billion, and employs about 49,000 associates around the world. The Company provides more office products and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 48 countries. Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index.
