The financial terms of the agreement have yet to be announced. Kakuyasu will also license Office Depot’s trade names, obtain sourcing services, and “continue to support Office Depot’s global customers in Japan”.
Office Depot Japan was established in 1996, but began closing all of its stores in 2009, instead switching to online and mail-order sales. It serves both small-and-medium businesses in Japan, and global customers.
Charlie Brown, President of the International Division of Office Depot, said: “We believe the combination of Office Depot’s brand, merchandising and sourcing capabilities, coupled with Kakuyasu’s multi-channel business, distribution network and local expertise, will significantly strengthen our competitive position in this market.”
Kakuyasu is reported to be one of the fastest growing multichannel businesses in Japan, with FY 2009 sales of $775 million.
Bloomberg reports that Office Depot shares rose by 9 cents to $4.80 yesterday following the news.