The second and third largest players in the office retail space could soon join forces. According to published reports,OfficeMax and Office Depot could announce a merger this week.
The rumors have gotten Wall Street buzzing as pre-market trading saw shares of Office Depot and OfficeMax up 28.5% and 20%, respectively.
For its most recent quarter, Office Depot reported sales of approximately $2.7 billion, down 5% compared to the third quarter of 2011. On a constant currency basis, third quarter 2012 sales were down approximately 3% versus prior year.
The company reported a net loss, after preferred stock dividends, of $70 million or 25 cents per diluted share in the third quarter of 2012, compared to net earnings, after preferred stock dividends, of $92 million or $0.28 per share in the third quarter of 2011.
For its most recent quarter, OfficeMax reported that its t