Bloggingstocks.com is reporting that long-foundering big-box dinosaur Office Depot is receving a cash injection from private investers to the tune of $350 million. According to the article:
With the recession and stiff competition — especially from behemoths like Wal-Mart (NYSE: WMT) — the fortunes of the company have been rough. So, Office Depot has worked aggressively to restructure the operations, such as by closing down stores and slashing headcount. So, the cash infusion will certainly be helpful.
Stiff competition, eh? Yeah, I’m pretty proud to be a part of that. As much as it makes me smile a little on the inside to see a dastardly company reap what it sows, I do feel a little bad for the employees who are out of work whenever a big-box store shuts down. Hopefully soon the companies behind these outdated relics will realize the easier, cheaper, greener way to go and transfer to an online format. Though by then it will probably be too late. Sorry, Office Depot. We were here first.