This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Craig Gunckel has been appointed chief executive officer of The ODP Corporation, which runs retailers Office Depot and OfficeMax, parent Atlas Holdings announced Wednesday. Atlas also said its all-cash acquisition of ODP closed Wednesday. Gunckel replaces Gerry Smith, who left once the transaction was complete. The deal, valued at about $1 billion, was announced in ...

The transaction was approved by ODP's shareholders on December 5, 2025, and received all required regulatory approvals. Effective today, The ODP Corporation is a private and independently operated company and thus the Company's common stock has ceased trading and will be delisted from the NASDAQ stock exchange. J.P. Morgan Securities LLC served as exclusive financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to ODP. Lazard served as financial advisor and Willkie Farr & Gallagher LLP ...

Core Insights - The ODP Corporation is planning to go private through a buyout by Atlas Holdings, with a purchase price of $28 per share, representing a 34% premium over the closing share price [2][6]. Company Overview - ODP's CEO Gerry Smith stated that the transaction is fully supported by the Board and will enhance the company's growth position [3]. - The company had previously explored sale options but decided to remain as-is due to macroeconomic conditions [3][4]. Financial Performance - In the second quarter of 2022, ODP reported total sales of $1.6 billion, a decrease of 7.6% year over year, attributed to lower sales in the Office Depot Division and a reduction of 60 retail stores [5].