Petco Animal Supplies (NASDAQ:PETC)
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Office Depot and PETCO Animal Supplies Announce Deal for 20 Stores
PETCO to Acquire Kids 'R' Us Properties From Office Depot
DELRAY BEACH, Fla. and SAN DIEGO, March 23 /PRNewswire-FirstCall/ -- Office
Depot, Inc. , one of the world's leading sellersof office products, and PETCO
Animal Supplies, Inc. , a leading specialty retailer of premium pet food,
supplies and services, today announced that they have reached an agreement under
which PETCO will acquire 20 former Kids "R" Us stores from Office Depot for
approximately $45 million in cash plus the assumption of lease obligations on
leased properties.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030603/PETCOLOGO)
The 20 stores -- concentrated in Florida and Ohio, with other locations in
Illinois, Kansas, Michigan, North Carolina and New York -- are part of the 124
Kids "R" Us properties that Office Depot agreed to purchase on March 3. At that
time, Office Depot announced its commitment to convert 50-60 Kids "R" Us stores
to Office Depot locations as well as its intention to sell the remaining
properties.
"Our purchase of the Kids 'R' Us stores has generated considerable interest from
developers and retailers in a very short time," noted Bruce Nelson, Chairman and
CEO of Office Depot. "Weare pleased to sell these locations to PETCO, an
industry leader and innovative retailer. By arranging this transaction so
quickly, we are able to focus on the realignment of our North American retail
portfolio, specifically, converting and opening new stores in existing core
markets and markets where we need to increase our retail penetration."
"We know these stores well and this acquisition provides PETCO with a unique
opportunity to bolster our presence in South Florida and Ohio, markets where we
are underrepresented, where approximately one-half of the stores are located,"
said Brian Devine, Chairman of PETCO. James Myers, CEO of PETCO, commented "In
addition to enabling us to further penetrate key markets in an efficient manner,
the acquisition of the stores will be funded without incurring significant
capital outlay, through a sale-leaseback transaction providing traditional store
operating lease financing for PETCO."
About Office Depot
With annual sales of more than $12 billion, no one sells more office supplies to
more customers in more countries than Office Depot. Founded in 1986 and
headquartered in Delray Beach, FL, the company conducts business in 23 countries
and employs nearly 50,000 people worldwide.
Office Depot is a leader in every distribution channel -- from retail stores and
contract delivery to catalogs and e-commerce. The company is the world's number
two online retailer -- generating $2.6B in sales for FY'03. In North America,
Office Depot has 900 retail storesin addition to a national
business-to-business delivery network supported by 22 delivery centers, more
than 60 local sales offices and 13 regional call centers.
The company's common stock is traded on the New York Stock Exchange under the
symbol ODP and is included in the S&P 500 Index. Additional press information
can be found at: http://mediarelations.officedepot.com/.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: Except for historical
information, the matters discussed in this pressrelease are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements, including without limitation all
of the projections, assumptions as to future conditions, expectations for the
future and anticipated levels of future performance, involve risks and
uncertainties which may cause actual results to differ materially from those
discussed herein. These risks and uncertainties are detailed from time to time
by Office Depot in its filings with the United States Securities and Exchange
Commission ("SEC"), including without limitation its most recent filing on Form
10-K, filed on February 26, 2004 and subsequent 10-Q and 8-K filings. You are
strongly urged to review all such filings for a more detailed discussion of such
risks and uncertainties. The Company's SEC filings are readily obtainable at no
charge at http://www.sec.gov/ and at http://www.freeedgar.com/, as well as on a
number of other commercial web sites.We will be filing our Annual Report for
2003 and our Proxy Statement later this month, and we will hold our Annual
Meeting on May 14, 2004.
About PETCO Animal Supplies
PETCO is a leading specialty retailer of premium pet food, supplies and
services. PETCO's vision is to best promote, through its people, the highest
level of well-being for companion animals, and to support the human-animal bond.
PETCO generated net sales of $1.65 billion in fiscal 2003. It operates 654
stores in 43 states and the District of Columbia, as well as a leading
destination for on-line pet food and supplies at http://www.petco.com/. Since
its inception in 1999, The PETCO Foundation, PETCO's non-profit organization,
has raised more than $15 million in support of morethan 1,900 non-profit
grassroots animal welfare organizations around the nation.
Certain statements in this news release that are not historical fact constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Stockholders and other readers are cautioned not
to place undue reliance on these forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results of PETCO to be materially
different from historical results or from any results expressed or implied by
such forward-looking statements. These factors, such as performance of new
stores, ability to execute expansion strategy and sustain growth, debt levels,
reliance on vendors and exclusive distribution arrangements, competition,
integration of operations as a result of acquisitions, compliance with various
state and local regulations and dependence on senior management, are discussed
from timeto time in the reports filed by PETCO with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the fiscal year ended
February 1, 2003.
For more information, please contact Brian Levine, Director, Public Relations of
Office Depot, +1-561-438-2895, ; or Don Cowan, Director, Public Relations of
PETCO Animal Supplies, Inc., +1-858-657-2086, .
http://www.newscom.com/cgi-bin/prnh/20030603/PETCOLOGO
http://photoarchive.ap.org/
DATASOURCE: PETCO Animal Supplies, Inc.
CONTACT: Brian Levine, Director, Public Relations of Office Depot,
+1-561-438-2895, ; or Don Cowan, Director, Public
Relations of PETCO Animal Supplies, Inc., +1-858-657-2086,
Web site: http://mediarelations.officedepot.com/
Web site: http://www.petco.com/