Boca Raton-based retailer Office Depot announced today that it has entered a deal to sell its Japan business to Tokyo-based retailer Kakuyasu.
The office supplies retailer did not disclose the financial terms of the transaction, but said the agreement includes an agreement for Kakuyasu to license Office Depot’s trade names, obtain sourcing services and continue to support Office Depot’s global customers in Japan, according to a statement.
Office Depot Japan was established in 1996. In recent years, the retail side of Office Depot’s Japan business has done poorly, and the company moved in 2009 to start closing all of its retail stores in the country.
The news of the sale comes only months after Office Depot announced it was in negotiations to sell its Israeli unit to Israeli retailer New Hamashibr Lazarchan Ltd.
Kakuyasu had 2009 sales of $775 million. Charlie Brown, president of Office Depot’s international division, said he expects the retailer’s competitive position in the marketplace will benefit from Kakuyasu’s distribution network and local expertise.
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