The office supply world has seen one of the most dramatic transformations of the past three decades. From the days of dial-up internet and fax machines to e-commerce dominance, the once-booming office retail space has hit a wall — and the sale of Office Depot for $1 billion in 2025 marks the end of an era.
Table of Contents
Beginnings
Let’s rewind to the early 1990s. Back then, if you needed pens, printer paper, or even school supplies, you made a trip to the store. Most small businesses didn’t have delivery services, and the internet was barely functional. A few catalogs served larger businesses, but most smaller operations were on their own.
This gap gave birth to a massive opportunity. Staples, OfficeMax, and Office Depot quickly scaled up and became household names. These companies weren’t just office supply stores — they were massive retail machines. Thousands of stores popped up across the country, pulling in billions in revenue. Shareholders were thrilled, and the retail office supply market exploded.
Boom
Office Depot and its competitors were riding high in the ‘90s and early 2000s. Brick-and-mortar stores were the go-to for everything from computers to back-to-school items. By the time Office Depot acquired OfficeMax in 2013 for $1.17 billion, the combined company was operating nearly 2,000 stores and pulling in close to $18 billion in annual revenue.
Here’s a quick snapshot of how massive ODP was in its prime:
| Year | Store Count | Annual Revenue (USD) |
|---|---|---|
| 2013 | 1,912 | $18 billion |
| 2015 | 1,564 | $11.7 billion |
| 2024 | 869 | $7 billion |
But the internet wasn’t done changing things.
Collapse
The rise of Amazon, Walmart’s expansion into office supplies, and the shift to digital tools led to a major collapse in traditional office supply retail. Businesses went online. Consumers followed. And Office Depot began shuttering stores — fast.
Since its merger with OfficeMax, ODP has closed over 1,000 stores, slashing its total footprint by more than half. Every year brought more closures, shrinking revenue, and new challenges.
| Year | Office Depot Stores |
|---|---|
| 2013 | 1,912 |
| 2015 | 1,564 |
| 2020 | 1,154 |
| 2024 | 869 |
The impact wasn’t just in store numbers. According to IBISWorld, the entire office supply store industry has been declining at an annual rate of 4%, bringing the total market size to around $20.9 billion in 2025 — a far cry from its heyday.
Sale
Given this backdrop, it’s no surprise that ODP decided to sell. On September 22, 2025, the company announced its sale to Atlas Holdings for $28 per share in a $1 billion all-cash deal — the same price Office Depot paid for OfficeMax more than a decade ago.
Short-term investors celebrated the 33% spike in share price, but long-term shareholders? Not so much. ODP stock had been trading above $50 as recently as May 2024. That’s a tough pill to swallow.
Once the deal closes, ODP will become a private company, and its shares will be delisted from the NASDAQ. That marks a full-circle moment for a company that was once one of retail’s biggest names.
Pivot
Despite the store closures, ODP has managed to remain profitable. In 2024, it earned $3.30 per share, thanks in part to its focus on the B2B space — especially the hospitality industry. This pivot to business-to-business operations may be its saving grace.
Atlas Holdings, which owns 29 companies and brings in more than $20 billion in revenue annually, sees promise in this strategy. With deeper pockets and experience turning public companies private, Atlas could be the partner ODP needs to reinvent itself once again.
While it hasn’t yet said whether more store closures are on the way, it’s likely the worst is behind us. After all, more than 55% of stores are already gone.
Future
The big question is: what happens next?
For customers, it may be business as usual — for now. OfficeDepot.com isn’t going anywhere, and if Atlas focuses on the B2B strategy, it may even improve service for companies that rely on office supplies.
For employees and remaining stores, the waters are still murky. But there’s hope that a private owner with more flexibility might steer the company in a better direction.
And for the retail industry? It’s another cautionary tale about what happens when disruption meets legacy business models.
FAQs
Why did Office Depot sell itself?
ODP faced declining revenue and sold to Atlas Holdings for $1B.
How many stores has Office Depot closed?
ODP has closed over 1,000 stores since merging with OfficeMax.
Who bought Office Depot in 2025?
Atlas Holdings bought ODP Corporation for $1 billion.
Will Office Depot close more stores?
Atlas hasn’t confirmed more closures, but it’s possible.
Is Office Depot still profitable?
Yes, it earned $3.30 per share in 2024 despite sales drops.
