OfficeMax 2015 Annual Report Download - page 31

Table of Contents
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Our business is comprised of three segments. The North American Retail Division includes our retail stores in the United States, including Puerto Rico and
the U.S. Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products, and office
furniture. Most stores also have a copy and print center offering printing, reproduction, mailing and shipping. The North American Business Solutions
Division sells office supply products and services in Canada and the United States, including Puerto Rico and the U.S. Virgin Islands. North American
Business Solutions Division customers are served through dedicated sales forces, through catalogs, telesales, and electronically through our Internet sites.
Our International Division sells office products and services through direct mail catalogs, contract sales forces, Internet sites, and retail stores in Europe and
Asia/Pacific. Grupo OfficeMax, the former OfficeMax business in Mexico, was sold in 2014 and is presented as an Other segment to align with management
reporting.
Staples Acquisition
In February 2015, Staples and the Company entered into the Staples Merger Agreement, under which Staples will acquire all of the outstanding shares of
Office Depot and the Company will become a wholly owned subsidiary of Staples. The transaction has been approved by both companies’ Boards of
Directors and Office Depot shareholders. The completion of the Staples Acquisition is subject to customary closing conditions including, among others,
regulatory approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and under the antitrust and competition laws of the
European Union and Canada. On February 2, 2016, the Company and Staples entered into a letter agreement to waive, until May 16, 2016, certain of their
respective rights to terminate the Staples Merger Agreement. On February 10, 2016, Staples announced that it has received conditional approval from
European Union regulatory authorities to acquire Office Depot and the parties plan to divest Office Depot’s European businesses in connection with the
consummation of the pending acquisition of Office Depot by Staples. Refer to Part I — Item 1. “Business” of this Annual Report for further details.
Merger
On November 5, 2013, the Company completed its Merger with OfficeMax. OfficeMax’s financial results are included in our Consolidated Statements of
Operations since the Merger date, affecting comparability of the 2015 and 2014 financial results to the 2013 amounts.
Sales reported for 2015 compared to the prior year were significantly affected by store closures in North America, changes in currency exchange rates abroad,
and the sale in August 2014 of Grupo OfficeMax.

(In millions)  2014 Change
North American Retail Division   $ 6,528 (8)%
Change in comparable store sales — %
North American Business Solutions Division   6,013 (5)%
Change in constant currencies (4)%
International Division   3,400 (18)%
Change in constant currencies (6)%
Other — Grupo OfficeMax   155
Total  $16,096 (10)%
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