Aurelius gives update on Office Depot Europe
| 02 April, 2020
Aurelius Group, which owns Office Depot Europe, has released its annual report for 2019. The asset management group said that its cash and cash equivalents of EUR 435.7 million at the end of 2019 means it is well-equipped to deal with the ongoing COVID-19 crisis.
Aurelius added that 2019 was a challenging year of transformation for Office Depot with sales and margins under pressure. Nevertheless, important milestones were reached, including progress with the digital transformation of the business and improvement in the shopping experience for existing and new customers – which should benefit online sales in particular.
Office Depot Europe expects the consolidation process to continue with measures to stabilise sales and to continue the positive trend in the online business.
Aurelius sold its business in Eastern Europe to PBS Holding in November 2019. The company is now active in twelve European countries.