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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-08-02 00:00:00",
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  "notes": "Includes red circles highlighting specific underperforming metrics for Office Depot and OfficeMax.",
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      "kind": "callout",
      "text": "Despite generating higher sales per square foot than OfficeMax, Office Depot's operating margins are less than half of OfficeMax.",
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      "text": "(1) One time charges for SPLS, ODP, and OMX are $1,038M, $127M, and $115M, respectively",
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      "text": "Despite substantial revenue and an attractive asset base, Office Depot has struggled to run its business effectively, resulting in the lowest margins of all of its peers.",
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      "text": "Office Depot's Margins Have Significantly Underperformed Compared to Peers",
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