Office Depot to split into two companies, Staples pursues deal

ODP Corp., the parent company of Office Depot and OfficeMax, plans to split the business into two publicly traded businesses. The retail and small-business products division will make up one company while its Business Solutions Division and independent regional office-supply distribution operations will comprise the second. ODP is taking this action at the same time that Staples, privately owned by Sycamore Partners, is pursuing an acquisition of Office Depot.