In some of his first public comments since the announcement of his firm’s merger with Office Max, Office Depot CEO Neil Austrian acknowledged Thursday that his retail sector is “in trouble.”
“As you look at the economy, we’ve been hammered,” Austrian said during the keynote address to almost 300 Greater Boca Raton Chamber of Commerce members gathered at the Via Mizner Country Club. He pointed to Office Depot’s $5 billion decline in revenue over several years. “At a 30 percent margin, that’s $1.5 billion out, and we’re still profitable. But it’s an industry in trouble. It’s a turbulent time.”
Subscribers get total access to this story, and all our in-depth news, digital editions and exclusive content. Subscribe today, or try a 24-hour or 7-day digital pass.
All Day Access — 24-hour digital pass99¢ for 24 hours
All Week Access – 7-day digital pass$3.99 for 7 days
All Access, All the Time – Print & DigitalView Offers
Post Print Subscriber — I need to register my account for digital access.Access Digital
Registered Post Subscriber — Sign me in.Sign In