Office Supplies and Stationery Stores NAICS 459410

Feb 6, 2026 - Atlas Holdings Completes ODP Corporation Acquisition

• In mid-December 2025, private equity firm Atlas Holdings completed its previously announced acquisition of ODP Corporation, making Atlas the new owner of the Office Depot and OfficeMax retail brands. The deal was originally announced in September 2025 and was valued at about $1 billion. Atlas plans to focus on ODP's core businesses: Office Depot, OfficeMax, and ODP Business Solutions, a B2B office supplies distributor. Before agreeing to the acquisition, the publicly traded ODP Corp. had been engaged in a gradual turnaround process, including the closure of underperforming retail locations and the emphasis on its faster-growing ODP Business Solutions division. Atlas Holdings and its affiliates have annual sales of about $26 billion and control about 30 businesses across industries, including building materials, automotive supplies, capital equipment, construction services, and others.
• International Paper’s (IP) plan to split into separate North America and EMEA packaging companies could influence office supply retailers by reshaping the structure and focus of one of their major packaging suppliers. The North America business will consolidate legacy IP and DS Smith assets under a more streamlined, region-specific strategy, potentially affecting pricing, product availability, and service models for retailers that rely on corrugated boxes, mailers, and protective packaging. A more concentrated footprint and an optimized asset network could strengthen IP’s competitive position, potentially leading to tighter supply conditions or revised contract terms. At the same time, the EMEA business’s separation may shift global supply coordination, affecting retailers with multinational operations. The transaction is expected to close in 12 to 15 months, pending regulatory approvals.

• A rebounding office sector could spur demand for office supplies. Demand for office space returned to positive territory in the second half of 2025, according to a recent report by Cushman & Wakefield. While the national office vacancy rate remained high at 20.5% in Q4 2025, it was only 30 basis points higher than in Q4 2024, the smallest year-over-year rise in more than 5 years. In the fourth quarter of 2025, the amount of new office space under construction dropped below 20 million square feet for the first time in 25 years. Office demolitions and conversions now outpace new office construction, leading to a decline of 20.7 million square feet in office inventory over the last six quarters.
• Despite the digitalization of everyday life, small stationery stores are thriving by offering unique tactile experiences, according to Retail Dive. While larger brands – including Papyrus and Paper Source – have struggled, local shops have built loyal followings by offering hyper-personalization, workshops, limited-edition collaborations, community engagement, and locally sourced products. Papyrus closed all its US-based stores during the pandemic but still sells online and through retail partners. Paper Source was bought out of bankruptcy by Barnes & Noble in 2021. Wellness practices that include limited time with screens – such as journaling - have helped drive sales of stationery items. However, many of the higher-quality stationery products are not available from US suppliers and recent increases in tariffs could force stores to raise prices.