Office Depot: We’ve Got the Kindle Now, Too
Office Depot (NYSE:ODP) announced that starting September 25, 2011, they will be the newest retailers in the Amazon (NASDAQ:AMZN) Kindle market. The office supplies company joins competitors Staples (NASDAQ:SPLS) and OfficeMax (NYSE:OMX).
Kindle is “the bestselling product in the history of Amazon.com,” and “a product that has changed the way people read by allowing on-the-go access to more than 950,000 books all in a single, sleek device,” said Farla Efros, Interim Head of Merchandising for Office Depot. Office Depot is hoping the move will improve electronics sales.
Office Depot’s stock (NYSE:ODP) is down 2.99% to $2.27 on the news. Shares are down 56.76% year to date. The stock has traded in a 52-week range between $2.10 and $6.25.