They have assets they can sale to add value back into the stock. But the average 7 million a quarter dividend to BC Partners is a drag on the bottom line. They can shrink stores and sale assets for the next year but it is bound to catch up to them. Star board is trying to force them to see the light at the end of the tunnel.
There is no way out for the BC Partners deal, they have board seats and the direction of the company is to keep paying the dividends. That is why the poison bill defense was in acted to make sure nobody stops this. Once all the stores have been redone and made smaller we will see a bigger picture. Both Staples and Office Max have shown improvement and we will see if the same holds true for ODP. The deal was done with Odland was both the chairman and CEO and when sales where higher volume. They have a great website and a great sales culture but the in fighting between BC Partners and Star Board may tear this company apart. One wants the payouts and the other wants value put back into the company. They need to reach a middle ground where they do not show huge loses ever quarter to no end.