Berkshire Hathaway now 2% stakeholder in Office Depot
By Furniture Today Staff -- Furniture Today, September 16, 2001
OMAHA, Neb. — OMAHA, Neb. — Berkshire Hathaway, led by legendary investor Warren Buffet, has acquired 5 million shares of Office Depot, the second-largest U.S. furniture retailer. Berkshire's stake amounts to less than 2% of the stock.
Office Depot sold an estimated $999 million in furniture last year, second only to Ethan Allen's $1.01 billion.
Office Depot's stock price rose about 9% after the purchase was announced. Berkshire said it bought the shares during the first quarter and that its stake was valued at $43.8 million on March 31. By June 30, the value had climbed to $51.9 million.
Berkshire Hathaway's home furnishings holdings includes majority stakes in retailers Nebraska Furniture Mart, based in Omaha; R.C. Willey in Salt Lake City; Star Furniture in Houston; Jordan's in Avon, Mass.; and Homemakers in Des Moines, Iowa.
The company also has stakes in major carpet and rug maker Shaw Inds. and furniture rental company Cort.
As first reported in eDaily
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