One of Office Depot’s supplier credit insurers has pulled the credit insurance for the retailer.
Market Screener reported that the stationary chain Office Depot is potentially facing troubles with its suppliers. According to Newspaper reports, Euler Hermes has told Office Depot suppliers over the past two weeks it is un-willing to cover the retail chain.
Earlier this year Office Depot, Inc reported total sales for the first quarter 2019 were $2.8 billion (€2.5 billion), a decrease of two percent compared to the first quarter of 2018.
Retailers are not having an easy time. In August 2018 , the office supplier Office Outlet, formerly part of the Staples brand, collapsed following falling sales, in the midst of a bleak period for the British High Street.
Staples, also an office supplies retailer sold for $6.9 billion (€6 billion) to Sycamore Partners in 2017 with many store closures following the event.
