Could be! I'm not very knowledgeable about such matters, but I see a number of articles suggesting a combination of the two! Therefore have recently invested in ODP in anticipation..Office max I have happily cashed out..
Office Max is making so much money on assets and in the core business that I believe it will be impossible for Office Depot to match them. Staples has the corporate end and now Office Max is gaining on the retail end. Office Depot is stuck with a corp fight between BC Partners and Starboard. That is why you see these huge dividend payouts to BC Partners. They have to dilute Starboard shares along with the rest of the shareholders to maintain the board. This is not good.
Something will have to give within 6 months. You cannot show these huge loses over a long period of time. They need to really consider taking this company private to stop all this fighting or merge. Growing smaller may not help.