NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Xcel Brands (NASDAQ: XELB), an industry leading media and consumer products company specializing in building influencer-driven brands through social commerce and livestreaming, is partnering with renowned dog behaviorist, New York Times best-selling author, and global television star Cesar Millan to launch an innovative pet brand, “Trust-Respect-Love by Cesar Millan,” that will redefine the pet industry. Spanning multiple pet categories, this new brand will introduce a collection of high-quality, purpose-driven products designed and developed in collaboration with Cesar Millan to enhance the bond between pets and their owners through trust, respect, and love.
Cesar Millan brings over two decades of experience to this exciting new venture. The brand will feature premium pet essentials, including toys, training tools, and accessories. Every product reflects Cesar’s core values of trust, respect, and love—offering solutions that are both functional and deeply aligned with the principles of balanced relationships between dogs and humans.
By combining Cesar’s expertise in canine psychology with Xcel Brands’ proven success in brand building, licensing, content creation, and social commerce, Xcel Brands is creating a transformative pet brand that delivers innovation, quality, and education to pet owners worldwide.
“We are thrilled to partner with Cesar Millan to launch this brand. His unparalleled expertise, deep connection with pet owners, and global influence align perfectly with Xcel’s vision of creating innovative, lifestyle-driven consumer brands,” stated Robert W. D’Loren, Chairman and Chief Executive Officer of Xcel Brands. “This collaboration brings us one step closer to our goal of reaching over 100 million social followers across our brand portfolio, reinforcing our commitment to transforming how consumers engage with the brands they love.”
With over 21 million loyal followers across social media and a presence in more than 120+ countries through his hit TV series, Cesar Millan is uniquely positioned to lead the next wave of pet care innovation. With Cesar’s heritage and global influence, the brand will uniquely resonate with both English and Spanish-speaking markets, fostering inclusivity and connection.
“I am looking forward to this collaboration with Xcel and can’t wait to share “Trust-Respect-Love by Cesar Millan” with dog lovers everywhere; to offer our philosophy and guidance to them, and lead humans and their pets into the beautiful discovery of balance and nurture,” expressed Millan.
The new brand, “Trust-Respect-Love by Cesar Millan,” will also serve as an educational platform, combining top-tier products with expert guidance helping pet owners nurture balanced, happy pets. With the expanding pet industry, this partnership is strategically positioned to set new trends and create an engaging community of pet owners. As part of its anticipated debut, Xcel will be showcasing the brand at Global Pet Expo, the pet industry’s premier event on March 26 – 28, 2025. The brand is set to launch in Spring 2026, with availability through select retailers, e-commerce platforms, and live-stream shopping. Stay updated on this exciting journey at www.xcelbrands.com.
About Xcel Brands Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the Tower Hill by Christie Brinkley co-branded collaboration, and holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel has recently announced the launch of new pet brand, Trust-Respect-Love by Cesar Millan. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, growing social media presence of 27+ million followers across their brand profile and talent, and over 20,000 hours of livestream content production time and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. www.xcelbrands.com
About Cesar Millan Cesar Millan is a world-renowned dog behaviorist with over 25 years of experience transforming relationships between humans and their dogs. From his original hit TV series, the Dog Whisperer, to his most recent TV series Better Human, Better Dog, to his best-selling books and iconic workshops, Cesar has become a trusted guide for millions of dog lovers worldwide. With a social media following of over 21 million people and a legacy that spans two decades on U.S. television, Cesar’s influence extends far and wide. Trusted by celebrities, world leaders, and first-time pet owners alike, Cesar is committed to helping you achieve lasting harmony with your dog. Cesar moves forward in his journey with purpose and you can follow this journey at www.cesarmillan.com.
Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reverse split. On March 21, 2025, the company announced a one-for-ten reverse stock split that will take effect at market open on March 25, 2025. Notably, we view the reverse split as a favorable development in the company’s efforts to satisfy NASDAQ’s minimum share price listing requirement of $1. In order to meet NASDAQ’s listing requirement, the XELB shares will need to close above $1 for ten consecutive trading days. Given the current share price of $0.32, we believe the company will likely regain NASDAQ compliance following the reverse split.
Reverse split details. In connection with the reverse split, the company will pay out cash considerations in lieu of issuing fractional shares, and proportionately adjust the underlying common stock and exercise prices of outstanding stock options and warrants. Additionally, the company will continue to trade under the XELB ticker, but will use a new CUSIP number of 98400M200.
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PDF Version 1-for-10 reverse stock split to become effective as of the opening of trading on March 25, 2025
NEW YORK, March 21, 2025 (GLOBE NEWSWIRE) — Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel Brands” or the “Company”), a media and consumer products company with significant expertise in livestream shopping and social commerce, today announced that it will effect a 1-for-10 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock par value $0.001 per share (the “Common Stock”), effective with the opening of trading on March 25, 2025.
Xcel Brands’ Common Stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “XELB”. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 98400M200.
The material effects of the Reverse Stock Split are for every ten shares (the “Reverse Stock Split Number”) of Xcel Brands’ issued and outstanding Common Stock have been combined into one (1) share of Common Stock. The ownership percentage of each Xcel Brands stockholder will remain unchanged, other than as a result of fractional shares. No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. Instead, stockholders who otherwise would have been entitled to receive fractional shares were entitled to receive a cash payment (without interest and subject to applicable withholding taxes) in lieu of such fractional shares equal to the fraction of a share of common stock to which such stockholder would otherwise be entitled multiplied by (i) the closing price per share of the common stock on the Nasdaq Capital Market at the close of business on the trading day preceding the date of the Certificate of Amendment, multiplied by (ii) the Reverse Stock Split Number.
The shares of Common Stock underlying the Company’s outstanding stock options and warrants will be proportionately adjusted along with corresponding adjustments to their exercise prices.
At the special meeting of stockholders held on March 12, 2025, the stockholders of the Company approved a proposal to authorize the Company’s Board of Directors (the “Board”) to file a Certificate of Amendment to effect the Reverse Stock Split at a ratio between 1-for-2 and 1-for-10, as determined by the Chairman of the Board in his sole discretion.
The combination of, and reduction in, the number of issued shares of Common Stock as a result of the Reverse Stock Split will occur automatically on March 25, 2025, without any additional action on the part of Xcel Brands’ stockholders. The Company’s transfer agent, Continental Stock Transfer & Trust Company, is the exchange agent for the Reverse Stock Split and will correspond with stockholders of record regarding the Reverse Stock Split. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split.
Among other considerations, the Reverse Stock Split is intended to assist in bringing Xcel Brands into compliance with the $1.00 minimum bid price requirement for maintaining the listing of its Common Stock on the Nasdaq Capital Market.
Additional information regarding the Reverse Stock Split can be found in the Company’s Definitive Proxy Statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission on February 14, 2025. A link to this document is available at https://www.sec.gov and on Xcel Brands’ website at https://www.xcelbrands.com/pages/sec-filings.
For more information about Xcel Brands, visit www.xcelbrands.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the Tower Hill by Christie Brinkley co-branded collaboration, and holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, and over 20,000 hours of live-stream and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies.
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking statements. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “ongoing,” “could,” “estimates,” “expects,” “intends,” “may,” “appears,” “suggests,” “future,” “likely,” “goal,” “plans,” “potential,” “projects,” “predicts,” “seeks,” “should,” “would,” “guidance,” “confident” or “will” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements regarding our anticipated revenue, expenses, profitability, strategic plans and capital needs. These statements are based on information available to us on the date hereof and our current expectations, estimates and projections and are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including, without limitation, the risks discussed in the “Risk Factors” section and elsewhere in the Company’s Annual Report on form 10-K for the year ended December 31, 2021 and its other filings with the SEC, which may cause our or our industry’s actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q Results. CVG reported 4Q24 revenue of $163.3 million, down 15.7% y-o-y due to ongoing weakness in the Construction and Ag markets, as well as a drop in Class 8 truck builds. Adjusted EBITDA was $0.9 million, down from $8.3 million. CVG reported an adjusted loss from continuing operations of $5.1 million, or a loss of $0.15/sh, compared to adjusted net income of $2.1 million, or EPS of $0.06, in 4Q23.
Strategic Initiatives. The Company implemented a number of strategic initiatives during 2024, including portfolio rationalization and the elimination of some 1,300 positions. These should result in some $15 million of gross savings in 2025, which should help improve margins.
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Partnership to elevate guest experience through supply of premium terry cloth towels and bedding
BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 11, 2025– ODP Business Solutions, a leading supplier of workplace solutions and services and a division of The ODP Corporation (NASDAQ: ODP), today announced a new distribution partnership with luxury linens and terry cloth towels brand Sobel Westex, signaling continued growth in the hospitality sector. This collaboration positions ODP Business Solutions as a key supplier for in-room needs, reinforcing its commitment to delivering premium products and services across diverse sectors.
“This partnership exemplifies our commitment to driving growth in the hospitality sector while demonstrating our ability to deliver trusted brands and products across diverse industries, extending beyond office supplies,” said David Centrella, executive vice president of The ODP Corporation and president of ODP Business Solutions. “By integrating Sobel Westex’s renowned luxury bedding and terry cloth towels into our portfolio, we’re not just meeting but exceeding the expectations of our clients.”
Sobel Westex is a leading global hospitality and retail textile company known for its commitment to quality, innovation and sustainability. Through ODP Business Solutions’ expansive customer roster and logistic infrastructure, Sobel Westex will now provide their comprehensive range of hospitality products that extend far beyond the traditional, offering premium pillows, plush terry towels, high-quality linens, blankets, pool towels and spa-like robes, all designed to create a luxurious and inviting atmosphere.
“When we look at this new partnership with ODP Business Solutions, we know it will be a transformative venture for both of our companies and can change the hospitality industry as we know it. Their exceptional distribution expertise and extensive customer network make it an easy decision to trust them with our product portfolio,” said Walter Pelaez, chief executive officer at Sobel Westex.
Sobel Westex’s offerings are all crafted from high-quality materials like premium cotton, ensuring temperature regulation and superior comfort, durability and luxury across their entire product line. Their commitment to excellence is reflected in products that are meticulously crafted to provide unparalleled comfort and sophistication, catering to travelers who expect the finest hospitality experiences.
“Introducing Sobel Westex’s luxury products to our hospitality distribution services allows us to offer our customers the opportunity to create truly memorable guest experiences,” said Nisha Brown, vice president of marketing & product management at ODP Business Solutions. “From crisp, high-quality sheets to plush, indulgent bedding, superior linens provide weary travelers with the comfort they crave, transforming a night’s rest into a truly rejuvenating experience. This partnership aligns perfectly with our commitment to delivering trusted brands and extraordinary products across all industries we serve.”
This partnership announcement follows ODP Business Solutions’ recent milestone agreement with a leading hospitality management company, becoming a key supplier and distribution partner. ODP Business Solutions will continue delivering high-quality solutions in traditional product categories, including furniture, professional cleaning and breakroom, while expanding into new categories to better serve the needs of its hospitality customers and customers across other verticals.
ODP Business Solutions is a trusted partner with more than 30 years of experience working with businesses to adapt to the ever-changing world of work. From technology transformation, sustainability, innovative workspace design, cleaning and breakroom, and everything in between, ODP Business Solutions has the integrated products and services businesses need. Powered by a collaborative team of experienced business consultants, world-class logistics and trusted brand names, ODP Business Solutions advances how the working world gets work done. For more information on ODP Business Solutions, visit www.odpbusiness.com.
ODP Business Solutions is a division of The ODP Corporation (NASDAQ: ODP). ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Any other product or company names mentioned herein are the trademarks of their respective owners.
About Sobel Westex:
Sobel Westex is the leading manufacturer to the hospitality and home fashion industry globally. Sobel Westex has successfully integrated design, manufacturing and distribution around the world. The company provides their clients with the highest quality experiences for bed linens, terry, robes, blankets, pillows and beyond. Sobel Westex’s wealth of products is equaled only by their depth of experience and service, which is why they measure their partnerships not in years, but in decades. For more information on Sobel Westex or to contact a representative, visit www.sobelathome.com.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products and services through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, online presence and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, The ODP Corporation (“the Company”), based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “expectations”, “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” “aim” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company’s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and stakeholders should not place undue reliance on such statements.
Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements.
Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Partnership. The ODP Corporation continued its B2B push with the signing of a new partnership agreement with CoreTrust. The agreement marks the latest in a series of new contracts for ODP Business Solutions, moving the segment into new, growing industries. Through this partnership, ODP Business Solutions will offer products and services to CoreTrust’s 3,500+ business member purchasing collective, which serves major industries including retail, manufacturing, hospitality, and finance.
Details. Under the contract, ODP Business Solutions will supply CoreTrust members with high-quality solutions, including interiors/furniture, technology, breakroom supplies, and paint, promotion, and apparel services at an exceptional value. These categories are expected to expand industry wide by a 4-6% compound annual growth rate over the next five years.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
GRAND RAPIDS, Mich., March 06, 2025 (GLOBE NEWSWIRE) — Steelcase Inc. (NYSE: SCS) will webcast a discussion of its fourth quarter and fiscal year 2025 financial results on Thursday, March 27, 2025 at 8:30 a.m. ET. A link to the webcast will be available at http://ir.steelcase.com and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, March 26, 2025, after the market closes.
About Steelcase Inc.
Established in 1912, Steelcase is a global design, research and thought leader in the world of work. We help people do their best work by creating places that work better. Along with more than 30 creative and technology partner brands, we design and manufacture innovative furnishings and solutions for the many places where work happens — including learning, health and work from home. Our solutions come to life through our community of expert Steelcase dealers in approximately 770 locations, as well as our online Steelcase store and other retail partners. Founded in Grand Rapids, Michigan, Steelcase is a publicly traded company with fiscal year 2024 revenue of $3.2 billion. With our 11,300 global employees and dealer community, we come together for people and the planet — using our business to help the world work better.
CONTACT:
Investor Contact: Mike O’Meara Investor Relations ir@steelcase.com
New corporate services contract signals continued momentum for ODP Business Solutions in expanding relationships and serving new partners
BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 6, 2025– ODP Business Solutions, a leading supplier of workplace solutions and services, and a division of The ODP Corporation (NASDAQ: ODP), today announced a Private Sector purchasing contract with CoreTrust. Through this partnership, ODP Business Solutions will offer products and services to CoreTrust’s 3,500+ business member purchasing collective serving major industries including retail, manufacturing, hospitality and finance. This agreement marks the latest in a series of new contracts for ODP Business Solutions, demonstrating the company’s growth into new, fast-growing industries.
This new corporate services contract allows ODP Business Solutions to supply CoreTrust members with high-quality solutions, including interiors/furniture,technology,breakroom supplies, and print, promotion and apparel services at an exceptional value. These categories are expected to expand by a 4-6% compound annual growth rate (CAGR) over the next five years industry-wide, reflecting ODP Business Solutions’ continuing focus on areas where there is substantial growth opportunity.
“CoreTrust has tremendous reach and is known as one of the top aggregators for Fortune 1000 companies, so we are honored to leverage our portfolio of products and solutions, and our global supply chain, as a trusted new CoreTrust supplier,” said David Centrella, executive vice president of The ODP Corporation and president of ODP Business Solutions.
CoreTrust is a market-leading group purchasing organization (GPO) that is trusted by thousands of businesses to leverage its collective purchasing power to secure competitive supplier pricing and more favorable contract terms. With more than $7 billion in annual aggregated spend, CoreTrust members save an average of 20% on indirect spend – far surpassing what they can typically achieve independently.
“We are excited to welcome ODP Business Solutions to CoreTrust’s portfolio of premier suppliers,” said Mahesh Shah, CEO of CoreTrust. “CoreTrust will always strive to help procurement professionals achieve greater savings for their businesses. This partnership strengthens our commitment to being the ‘go-to’ solution for indirect spend needs.”
This contract with CoreTrust represents another growth milestone for ODP Business Solutions, following recent expansions within the hospitality sector with both customers and vendors. These achievements align with the company’s strategic goals of delivering a diverse range of innovative solutions to meet the evolving needs of customers across multiple industries. Similarly, CoreTrust offers its members competitive pricing on a wide array of indirect spend categories, serving a broad spectrum of sectors and categories.
“This partnership is a natural fit and is mutually beneficial for both ODP Business Solutions and CoreTrust. Our operations work very similarly in that we both have a growth mindset to provide our customers and members value not only in the prices and solutions we offer, but by elevating the overall buying experience,” said Nisha Brown, vice president of marketing and product management at ODP Business Solutions.
ODP Business Solutions is a trusted partner with more than 30 years of experience working with businesses to adapt to the ever-changing world of work. From technology transformation, sustainability, innovative workspace design, cleaning and breakroom, and everything in between, ODP Business Solutions has the integrated products and services businesses need. Powered by a collaborative team of experienced business consultants, world-class logistics, and trusted brand names, ODP Business Solutions advances how the working world gets work done. For more information on ODP Business Solutions, visit www.odpbusiness.com.
ODP Business Solutions is a division of The ODP Corporation (NASDAQ: ODP). ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Any other product or company names mentioned herein are the trademarks of their respective owner
About CoreTrust
Since 2006, CoreTrust has been a trusted group purchasing organization (GPO), helping businesses save on indirect spend, private equity firms improve portfolio performance, and suppliers drive growth. With $7 billion in annual purchasing power and a network of 3,500+ members, CoreTrust offers access to 125+ pre-negotiated contracts with top suppliers. Key categories include corporate services, facilities, HR, technology, travel, and supply chain and logistics, delivering efficiency and value to members.
Members enjoy market-leading pricing and exclusive access to the CoreTrust Experience Platform (CXP), a digital marketplace with curated contracts and actionable insights for smarter procurement. Membership is free, offering unmatched savings and simplified solutions for managing indirect spend. Learn more at www.coretrustpg.com.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products and services through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, online presence and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, The ODP Corporation (“the Company”), based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “expectations”, “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” “aim” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company’s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and stakeholders should not place undue reliance on such statements.
Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Twin Hospitality. Significant opportunity remains at Twin Hospitality. The Company ended the year with 115 Twin Peaks lodges, having opened nine new lodges. Twin Hospitality expects to open an additional 9-11 lodges in 2025, with 6-7 franchised and an additional 10-15 lodges in both 2026 and 2027. The Company has over 100 signed franchised commitments and the remaining conversion of approximately 30 Smokey Bones locations to drive new openings.
New Openings. FAT Brands expects to open over 100 new locations in 2025, with 17 already opened year-to-date. We anticipate strong organic growth across the portfolio in 2025. The current development pipeline consists of signed agreements for approximately 1,000 additional locations, including over 250 units signed in 2024. Once these units are opened, we expect them to generate approximately $50 million in incremental annual adjusted EBITDA.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Macro Headwinds. While macro headwinds remain in the B2B and B2C segments, green shoots are appearing, with new B2B contracts and an expanding pipeline of new business opportunities. Over at retail, the Company has seen improved traction with targeted profitable sales campaigns and value added promotions.
Playing to its Strengths. Project “Optimize for Growth” and the B2B focus plays into ODP’s core strengths, such as robust supply chain assets, distribution capabilities, and an expansive B2B customer base. We believe these moves position ODP to unlock sustainable growth and long-term success.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
New partnership reaffirms ODP Business Solutions’ commitment to the hospitality industry and adjacent categories, fostering a refined guest experience
BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 3, 2025– ODP Business Solutions, a leading supplier of workplace solutions and services and a division of The ODP Corporation (NASDAQ: ODP), announced today a strategic distribution partnership with Hunter Amenities. ODP Business Solutions will distribute Hunter’s wide range of hotel and guest amenities to hospitality partners, including liquid beauty products, soaps, dry goods and more, all uniquely bundled to accommodate the needs of every client and guest.
“Our partnership with Hunter Amenities demonstrates our commitment to continuing to expand our presence and product offerings in the hospitality industry and other adjacent sectors,” said David Centrella, EVP and president of ODP Business Solutions. “Distributing Hunter Amenities’ premium products further positions ODP Business Solutions to serve as a key-supplier for in-room needs.”
Hunter Amenities is an award-winning global manufacturing company that has been a pioneer in the personal care and hospitality industry for more than four decades. Renowned for its world-class manufacturing facilities that combine artisanal traditions with cutting-edge innovation, the company partners with some of the world’s most prestigious hospitality and retail brands. Hunter Amenities now provides its rich portfolio of high-end personal care products through ODP Business Solutions’ vast network of solutions and service, advancing how the hospitality industry can bring a luxurious, elevated experience to their guests.
“Partnering with ODP Business Solutions as a distribution partner is a natural fit for our company. Their best-in-class distribution capabilities and remarkably agile team give us complete confidence, which is why we’ve gone all in—rolling out our full portfolio within their expansive customer network. This collaboration is a true win-win for both organizations and a game-changer for the entire hospitality industry,” said John Hunter, founder of Hunter Amenities.
Hunter’s extensive product portfolio includes curated shampoo, conditioner, body wash, lotion, and hand wash, along with VIP indulgences such as lip balm, hand cream, eye cream, sleep balm, facial mist, and pillow mist—crafted for discerning travelers who expect nothing but the best.
“Introducing Hunter Amenities to our hospitality distribution services will provide our customers the opportunity to enhance each guest’s stay with custom, high-end offerings that pair seamlessly with ODP Business Solutions’ unparalleled service,” said Nisha Brown, vice president of marketing & product management at ODP Business Solutions. “Hunter is a globally recognized luxury brand that aligns perfectly with our commitment to quality and innovation. We look forward to continuing our growth in the hospitality market and beyond, offering tailored solutions that meet the evolving needs of our clients.”
ODP Business Solutions also delivers high-quality solutions in categories that include technology, professional cleaning and furniture, while expanding into new verticals to better serve the needs of its customers. This partnership announcement follows ODP Business Solutions recent milestone contract with a leading hospitality management company.
To learn more about ODP Business Solutions, visit odpbusiness.com.
About ODP Business Solutions:
ODP Business Solutions is a trusted partner with more than 30 years of experience working with businesses to adapt to the ever-changing world of work. From technology transformation, sustainability, innovative workspace design, cleaning and breakroom, and everything in between, ODP Business Solutions has the integrated products and services businesses need. Powered by a collaborative team of experienced business consultants, world-class logistics and trusted brand names, ODP Business Solutions advances how the working world gets work done. For more information on ODP Business Solutions, visit odpbusiness.com.
ODP Business Solutions is a division of The ODP Corporation (NASDAQ: ODP). ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Any other product or company names mentioned herein are the trademarks of their respective owners.
About Hunter Amenities:
Since 1981, Hunter Amenities has become one of the world’s largest manufacturers and leading formulators of superior personal care guest amenities, servicing hospitality customers in over 100 countries. Our products range from a prominent selection of licensed, internationally recognized designer and cosmetic brands to distinctive luxurious spa hotel amenities and retail collections.
The ODP Corporation (NASDAQ:ODP) is a leading provider of products and services through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, online presence and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, The ODP Corporation (“the Company”), based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “expectations”, “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” “aim” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company’s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and stakeholders should not place undue reliance on such statements.
Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements.
Fourth Quarter Revenue of $1.6 Billion with GAAP EPS of $0.36; Adjusted EPS of $0.66
Announced Milestone Agreement with Leading Hospitality Management Company Becoming Key Supplier and Distribution Partner — A Key Step in Expanding Beyond Office Supplies
Launches “Optimize for Growth” Plan to Accelerate Revenue Growth in B2B Industry Segments
BOCA RATON, Fla.–(BUSINESS WIRE)–Feb. 26, 2025– The ODP Corporation (“ODP,” or the “Company”) (NASDAQ:ODP), a leading provider of products, services, and technology solutions to businesses and consumers, today announced results for the fourth quarter and full year ended December 28, 2024.
Fourth Quarter 2024 Summary(1)(3)
Total reported sales of $1.6 billion, down 10% versus the prior year period on a reported basis. The decrease in reported sales is largely related to lower sales in its Office Depot Division, primarily due to 47 fewer retail locations in service compared to the previous year and reduced retail and online consumer traffic, as well as lower sales in its ODP Business Solutions Division
GAAP operating income of $20 million and net income from continuing operations of $11 million, or $0.36 per diluted share, versus $52 million and $39 million, respectively, or $1.02 per diluted share, in the prior year period
Adjusted operating income of $32 million, compared to $57 million in the fourth quarter of 2023; adjusted EBITDA of $58 million, compared to $83 million in the fourth quarter of 2023
Adjusted net income from continuing operations of $20 million, or adjusted diluted earnings per share from continuing operations of $0.66, versus $43 million or $1.13, respectively, in the prior year period
Operating cash flow from continuing operations of $34 million and adjusted free cash flow of $(57) million, versus $71 million and $48 million, respectively, in the prior year period
Repurchased 1.4 million shares at a cost of $43 million in the fourth quarter of 2024
$644 million of total available liquidity including $166 million in cash and cash equivalents at quarter end
Full Year 2024 Summary
Total reported sales of $7.0 billion, versus $7.8 billion in the prior year
GAAP operating income of $163 million and net income from continuing operations of $106 million, or $3.08 per diluted share, versus $330 million and net income from continuing operations of $247 million, or $6.22 per diluted share, respectively, in the prior year
Adjusted operating income of $173 million, compared to $351 million in 2023; adjusted EBITDA of $268 million, compared to $459 million in 2023. Adjusted operating income in 2024 excludes $70 million of income related to legal matter monetization where the Company is engaged in legal proceedings as a plaintiff
Adjusted net income from continuing operations of $114 million, or adjusted diluted earnings per share from continuing operations of $3.30, versus $263 million or $6.61, respectively, in the prior year. Adjusted net income from continuing operations in 2024 excludes $70 million of income or $51 million of income, net of tax related to legal matter monetization where the Company is engaged in legal proceedings as a plaintiff
Operating cash flow from continuing operations of $159 million and adjusted free cash flow of $33 million, versus $360 million and $288 million, respectively in the prior year
Repurchased 8 million shares for $300 million in 2024
“We made significant progress in our B2B pivot during the year, strengthening ODP’s position to drive sustainable profitable growth in the future,” said Gerry Smith, chief executive officer of The ODP Corporation. “Our core strengths in supply chain, procurement, and distribution have continued to provide a meaningful competitive advantage, resulting in recent major new business wins across both our traditional market segments and in new higher-growth industry sectors. Building on our recent success and our core competencies, we are intensifying our focus on the growing potential within the B2B marketplace.”
“We’re now positioned to pursue growth in a new industry segment, recently signing a transformative contract with a major hotel management company that establishes ODP as a preferred supplier in the expanding $16 billion hospitality industry. This landmark agreement is a key step in expanding beyond office supplies and represents a true inflection point in our business, enabling us to strategically expand into growing industry segments where our core competencies resonate. When combined with adjacent industry segments, this represents a compelling $60 billion market opportunity for ODP to showcase its next-day delivery capabilities, exceptional customer service, and extensive national supply chain network to a growing customer base,” Smith continued.
“Our recent progress has the potential to reshape our business trajectory in the future after what has been a challenging period for our industry,” said Smith. “While we achieved our revised guidance for the year, our performance in 2024 was impacted by weak macroeconomic trends, subdued business and consumer activity, and effects from severe weather in the second half of the year. However, we remain competitively strong and, in addition to the landmark hospitality agreement, we continue to secure major new business wins, including signing one of the largest multi-year B2B contracts in our history and successfully launching strategic warehousing and fulfillment services to support one of the world’s leading social media-driven e-commerce platforms.”
“Building on these accomplishments, we are announcing our ‘Optimize for Growth’ plan,” Smith continued. “This plan capitalizes on our core strengths—including a robust B2B infrastructure, supply chain assets, strong distribution network, and loyal customer base—to expand and accelerate growth in the B2B distribution and 3PL market segments while reducing our retail exposure and associated obligations. Supporting our strategy, we are realigning our organization, refining product assortments, and reallocating capital to prioritize growth in the B2B marketplace. At the same time, we will suspend growth investments in our retail segment and continue to optimize our store footprint to better align with our long-term strategy. That said, we remain committed to supporting and providing an exceptional service experience at our active retail locations.”
“As we look ahead to 2025, our strategic priority remains centered on capturing the numerous opportunities in the B2B marketplace and pursuing growth in new industry segments. Although transformational progress takes time to fully materialize and macroeconomic conditions continue to present near-term challenges, we are confident in the strength of our strategy and steadfast in our commitment to delivering sustained, long-term value for our shareholders. We look forward to providing updates on our progress and offering deeper insights into our long-term growth plans in the quarters ahead,” Smith concluded.
Consolidated Results
Reported (GAAP) Results
Total reported sales for the fourth quarter of 2024 were $1.6 billion, a decrease of 10% compared with the same period last year, driven primarily by lower sales in both its consumer and business-to-business (B2B) divisions. Lower sales in its consumer division, Office Depot, was primarily due to lower retail and online consumer traffic and lower average order volumes, as well as 47 fewer stores in service compared to last year related to planned store closures. Sales at ODP Business Solutions Division were lower compared to last year, largely driven by macroeconomic factors causing reduced spending among business customers and fewer transactions. Meanwhile, Veyer continued to provide strong logistics support for the ODP Business Solutions and Office Depot Divisions on lower internal sales volume, and continued to execute across its growth strategy, delivering supply chain and procurement solutions to third-party customers and driving increases in external revenue.
The Company reported GAAP operating income of $20 million in the fourth quarter of 2024, down compared to GAAP operating income of $52 million in the prior year period. Operating results in the fourth quarter of 2024 included $12 million of charges primarily related to non-cash asset impairments of operating lease right-of-use (ROU) assets associated with the Company’s retail store locations. Net income from continuing operations was $11 million, or $0.36 per diluted share in the fourth quarter of 2024, down compared to net income from continuing operations of $39 million, or $1.02 per diluted share in the fourth quarter of 2023.
Adjusted (non-GAAP) Results(1)
Adjusted results for the fourth quarter of 2024 exclude charges and credits totaling $12 million as described above and the associated tax impacts.
Fourth quarter 2024 adjusted EBITDA was $58 million compared to $83 million in the prior year period. This included depreciation and amortization of $24 million in both the fourth quarter of 2024 and 2023
Fourth quarter 2024 adjusted operating income was $32 million, down compared to $57 million in the fourth quarter of 2023
Fourth quarter 2024 adjusted net income from continuing operations was $20 million, or $0.66 per diluted share, compared to $43 million, or $1.13 per diluted share, in the fourth quarter of 2023, a decrease of 42% on a per share basis
Division Results
ODP Business Solutions Division
Leading B2B distribution solutions provider serving small, medium and enterprise level companies with an annual trailing-twelve-month revenue of $3.6 billion.
Reported sales were $827 million in the fourth quarter of 2024, down 9% compared to the same period last year. The decrease in sales was related primarily to weaker macroeconomic conditions, a more cautious business spending environment, lower sales conversion, fewer customers, and the foreign exchange impact from a weaker Canadian dollar
Total adjacency category sales, including cleaning and breakroom, furniture, technology, and copy and print, were 44% of total ODP Business Solutions’ sales, flat with the prior year
Executed initiatives to convert strong pipeline of potential new business and implemented several initiatives to regain top-line traction, including progress on initiating service for one of the largest contracts in Company history, potentially generating up to $1.5 billion in revenue over a 10-year period
Remained competitively strong and made significant progress on establishing presence in new industry segments. Signed milestone agreement with leading hospitality management company becoming a key supplier and distribution partner, positioning ODP to expand in the growing $16 billion hospitality marketplace
Expected revenue generation from recent new business wins expected to ramp up in future quarters
Operating income was $25 million in the fourth quarter of 2024, down compared to $34 million in the same period last year on a reported basis. As a percentage of sales, operating income margin was 3%, down 70 basis points compared to the same period last year
Office Depot Division
Leading provider of retail consumer and small business products and services distributed via Office Depot and OfficeMax retail locations and eCommerce presence.
Reported sales were $784 million in the fourth quarter of 2024, down 13% compared to the prior year. Lower sales were partially driven by 47 fewer retail locations in service associated with planned store closures, as well as lower demand relative to last year in major product categories, lower average order volume, and lower online sales. The Company closed 16 retail stores in the quarter and had 869 stores at quarter end. Sales were down 8% on a comparable store basis
Store and online traffic were lower year over year due to macroeconomic factors causing weak consumer activity as well as the lingering effect of severe weather in major markets where we operate
Operating income was $30 million in the fourth quarter of 2024, compared to operating income of $43 million during the same period last year on a reported basis, driven primarily by the flow through impact from lower sales. As a percentage of sales, operating income was 4%, down 100 basis points compared to the same period last year
Veyer Division
Nationwide supply chain, distribution, procurement and global sourcing operation supporting Office Depot and ODP Business Solutions, as well as third-party customers. Veyer’s assets and capabilities include 8 million square feet of infrastructure through a network of distribution centers, cross-docks, and other facilities throughout the United States; a global sourcing presence in Asia; a large private fleet of vehicles; and business next-day delivery capabilities to 98.5% of US population.
In the fourth quarter of 2024, Veyer provided support for its internal customers, ODP Business Solutions and Office Depot, as well as its third-party customers, generating reported sales of $1.1 billion
Reported operating loss was $2 million in the fourth quarter of 2024, compared to operating income of $3 million in the prior year period driven by the flow through impact of lower sales to internal customers partially offset by services to third-party customers
Launched supply chain services for one of the world’s largest social media-focused e-commerce companies to deliver warehousing and fulfillment services for their online sales
In the fourth quarter of 2024, sales generated from third-party customers increased by 150% compared to the same period last year, resulting in sales of $20 million. EBITDA generated from third-party customers was $1 million in the quarter, lower compared to EBITDA of $3 million in the prior year period, driven largely by Veyer’s investment in resources to support the launch of services for new customer additions
Share Repurchases in 2024
During fiscal year 2024, the Company continued to execute under its previously announced $1 billion share repurchase authorization valid through March 31, 2027. During the fourth quarter of 2024, the Company repurchased approximately 1.4 million shares at a cost of $43 million.
“Throughout the year, we invested in our business while returning $300 million to shareholders through share repurchases in 2024,” said Adam Haggard, senior vice president and co-chief financial officer of The ODP Corporation. “Looking ahead to 2025, we plan to prioritize capital allocation toward our core business over share repurchases, focusing on high-return B2B growth opportunities that we believe will drive sustainable, long-term value for our shareholders.”
The number of shares to be repurchased under the authorization in the future and the timing of such transactions will depend on a variety of factors, including market conditions, regulatory requirements, and other corporate considerations. The share repurchase authorization could be suspended or discontinued at any time as determined by the Board of Directors.
Balance Sheet and Cash Flow
As of December 28, 2024, ODP had total available liquidity of approximately $644 million, consisting of $166 million in cash and cash equivalents and $478 million of available credit under the Fourth Amended Credit Agreement. Total debt was $279 million.
For the fourth quarter of 2024, cash provided by operating activities of continuing operations was $34 million, which included $70 million related to legal matter monetization where the Company is engaged in legal proceedings as a plaintiff, partially offset by $4 million in restructuring spend. This compared to cash provided by operating activities of continuing operations of $71 million in the fourth quarter of the prior year, which included $2 million in restructuring spend. The year-over-year change in operating cash flow is primarily related to lower sales and the timing of investments in working capital related to new business wins.
Capital expenditures were $25 million in both the fourth quarter of 2024 and 2023, reflecting continued growth investments in the Company’s digital transformation, distribution network, and eCommerce capabilities. Adjusted Free Cash Flow(3) was $(57) million in the fourth quarter of 2024, compared to $48 million in the prior year period.
Milestone Agreement with Premier Hospitality Company
Subsequent to the quarter end, the Company announced a major milestone agreement in its B2B evolution as its subsidiary, ODP Business Solutions, entered into a key new partnership with one of the world’s largest hotel management organizations becoming a preferred provider for Operating Supplies & Equipment (“OS&E”). Through this agreement, ODP Business Solutions will become a distribution partner to reliably support the recurring in-room hotel supply needs necessary to run operations, reset rooms between guests, and exceed their customers’ expectations. This product expansion and strategic partnership reflects ODP Business Solutions’ continued evolution beyond office supplies and highlights the Company’s ability to leverage its capabilities and offerings to elevate the experience to businesses in the hospitality, healthcare and adjacent sectors.
“Optimize for Growth” B2B Revenue Acceleration Plan
After a comprehensive review of its business units and in light of recent new business successes, including its recent entry into the hospitality industry, the Company announced its “Optimize for Growth” restructuring plan. This initiative focuses on capitalizing on ODP’s core strengths — including its supply chain and procurement expertise, robust distribution network, and strong B2B customer base — to accelerate growth in the B2B distribution and third-party logistics (3PL) market segments, while reducing retail exposure and associated liabilities. The plan strategically realigns the Company’s organizational structure, product offerings, and go-to-market strategies to target high-growth opportunities in the B2B marketplace, while also expanding into new enterprise segments, including hospitality, healthcare, and adjacent sectors.
As part of the plan, ODP will prioritize investments in resources and infrastructure critical to its growth in the B2B sector, while reducing fixed costs associated with retail operations, including store and distribution center leases. Concurrently, the Company will suspend growth investments in its consumer and retail business as it continues to optimize its retail store footprint. Despite reduced retail growth investments, ODP remains firmly committed to supporting and providing an exceptional service experience at its active retail locations, ensuring that customers continue to receive the top-tier care they expect.
In connection with this plan, the Company expects to incur costs in the range of $185 million to $230 million, which we anticipate will generate approximately $380 million in EBITDA improvement and generate over $1.3 billion in total value over the multi-year life of the plan.
The ODP Corporation will webcast a call with financial analysts and investors on February 26, 2025, at 9:00 am Eastern Time, which will be accessible to the media and the general public. To listen to the conference call via webcast, please visit The ODP Corporation’s Investor Relations website at investor.theodpcorp.com. A replay of the webcast will be available approximately two hours following the event.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, the Company, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “expectations”, “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company’s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and stakeholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, highly competitive office products market and failure to differentiate the Company from other office supply resellers or respond to decline in general office supplies sales or to shifting consumer demands; competitive pressures on the Company’s sales and pricing; the risk that the Company is unable to transform the business into a service-driven, B2B platform or that such a strategy will not result in the benefits anticipated; the risk that the Company will not be able to achieve the expected benefits of its strategic plans, including charges and benefits related to Project Core and the Optimize for Growth Restructuring Plan; the risk that the Company may not be able to realize the anticipated benefits of acquisitions due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance; the risk that the Company is unable to successfully maintain a relevant omni-channel experience for its customers; the risk that the Company is unable to execute the Maximize B2B Restructuring Plan successfully or that such plan will not result in the benefits anticipated; failure to effectively manage the Company’s real estate portfolio; loss of business with government entities, purchasing consortiums, and sole- or limited- source distribution arrangements; failure to attract and retain qualified personnel, including employees in stores, service centers, distribution centers, field and corporate offices and executive management, and the inability to keep supply of skills and resources in balance with customer demand; failure to execute effective advertising efforts and maintain the Company’s reputation and brand at a high level; disruptions in computer systems, including delivery of technology services; breach of information technology systems affecting reputation, business partner and customer relationships and operations and resulting in high costs and lost revenue; unanticipated downturns in business relationships with customers or terms with the suppliers, third-party vendors and business partners; disruption of global sourcing activities, evolving foreign trade policy (including tariffs imposed on certain foreign made goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and quality concerns of manufacturers’ branded products and services and Office Depot private branded products; covenants in the credit facility; general disruption in the credit markets; incurrence of significant impairment charges; retained responsibility for liabilities of acquired companies; fluctuation in quarterly operating results due to seasonality of the Company’s business; changes in tax laws in jurisdictions where the Company operates; increases in wage and benefit costs and changes in labor regulations; changes in the regulatory environment, legal compliance risks and violations of the U.S. Foreign Corrupt Practices Act and other worldwide anti-bribery laws; volatility in the Company’s common stock price; changes in or the elimination of the payment of cash dividends on Company common stock; macroeconomic conditions such as higher interest rates and future declines in business or consumer spending; increases in fuel and other commodity prices and the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; catastrophic events, including the impact of weather events on the Company’s business; the discouragement of lawsuits by shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware or other Delaware state courts by the Company as the sole and exclusive forum for such lawsuits; and the impact of the COVID-19 pandemic on the Company’s business. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements.
LOS ANGELES, Feb. 25, 2025 (GLOBE NEWSWIRE) — FAT(Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”), a leading global franchising company and parent company of iconic brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Fazoli’s and 13 other restaurant concepts, today announced that the Company will host a conference call to review its fourth quarter and full year 2024 financial results on Thursday, February 27, 2025 at 4:30 PM ET. A press release with fourth quarter and full year 2024 financial results will be issued prior to the conference call that day.
The conference call can be accessed live over the phone by dialing 1-877-704-4453 from the U.S. or 1-201-389-0920 internationally. A replay will be available after the call until Thursday, March 20, 2025, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13751410. Hosting the call will be Andy Wiederhorn, Chairman, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.
The conference call will also be webcast live from the corporate website at www.fatbrands.com, under the “Investors” section. A replay of the webcast will be available through the corporate website shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
