The ODP Corporation (NasdaqGS:ODP) shares fell 14% to $30.20 after the company said it won't divest or separate its consumer business. ODP's board in January 2022 delayed an announced separation to evaluate a potential sale of its consumer business. ODP said it completed a review of public and private non-binding proposals it received to buy its consumer business, which includes the Office Depot and OfficeMax retail stores business and its direct channel business, officedepot.com.

The company's board unanimously determined it would be in the best interests of the company and shareholders to not divest the consumer business at this time, ODP said. ODP also said its board decided against resuming a potential public company separation, and would instead maintain all of its businesses under common ownership. "Given current market and macroeconomic conditions, as well as the benefits of maintaining purchasing and supply chain synergies, the board has determined that now is not the right time to further pursue separating the company into two independent, publicly traded companies," ODP's Board Chairman Joseph Vassalluzzo said.

"However, the completion of our internal reorganization will make such a potential separation substantially simpler should the company determine to resume the separation process following a change of market conditions in the future," Mr. Vassalluzzo said. ODP said on June 21, 2022 that it recently completed realigning its operations under its holding company structure into its business-to-consumer business and three business-to-business business and digital segments. These include Office Depot LLC, ODP Business Solutions LLC, Veyer LLC, a supply chain, distribution, procurement and global sourcing operation, and Varis LLC, its B2B digital platform technology business.

"Our operating flexibility and balance sheet currently have us well positioned to continue delivering strong results against a macroeconomic backdrop that remains challenged by inflation and supply chain constraints," Chief Financial Officer Anthony Scaglione said.