The assassination of conservative activist Charlie Kirk in Utah has sent tremors through both political and corporate America. As the nation reels from the tragedy, Office Depot, formally known as ODP Corporation (ODP), has blundered into a political firestorm it could hardly afford. With shares already in steady decline since early last year, the controversy arrives at the worst possible moment — and fresh shockwaves are now expected to ripple through the company’s $640 million–capped stock when the NASDAQ opens tomorrow.
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The spark came Friday afternoon at an Office Depot store in Portage, Michigan, where a now-dismissed employee refused to print a poster for a prayer vigil honoring Kirk, dismissing it as “propaganda.”
A video of the confrontation quickly went viral, igniting outrage among conservatives, and calls for a boycott were soon circulating on social media. By Saturday, the office supply company had fired the employee, launched an internal review, and promised to “reinforce training” for current staff. Yet the reputational damage may have already been done.
Stock Slide Set to Get Steeper
Given Office Depot’s performance in recent months (and years), this is the last thing the company needed. Declining foot traffic, lower enterprise sales, and an 8% year-on-year revenue hit have ensured the firm is essentially operating on its knees. Now, it faces a reputational crisis tied to a deeply sensitive national tragedy, although the rearguard action carried out over the weekend could yet save the day.
ODP shares have been in a prolonged decline, down 43% over the past three years and 29% in the last twelve months. For investors, the brightest spots were the company achieving $47 million in adjusted EBITDA and $13 million in free cash flow last quarter, exceeding expectations and indicating strong cash generation.
Investors had hoped cost-cutting and digital expansion might stabilize the business, but the Kirk controversy threatens to accelerate customer apprehension at a time when brand loyalty is already fragile. As boycott calls still echo, Office Depot is scrambling to frame itself as an innocent bystander blindsided by one employee’s incompetence—rather than a retailer waging war on conservatives.
For a company still heavily reliant on printing services and small-business clients, consistency and neutrality are crucial. Office Depot’s official policy allows staff to reject illegal or offensive content, but not lawful political or religious content that a staffer finds distasteful. By failing to apply that standard evenly, the Portage store gave the impression of political bias—a perception amplified by the highly charged circumstances of Kirk’s murder.
In the meantime, current ODP shareholders should brace for a volatile morning session tomorrow as the fallout from this seemingly innocuous misunderstanding in Michigan ripples onto the NASDAQ. Some traders expect a knee-jerk selloff, while others note that controversies often fade if companies respond decisively – which ODP arguably has. However, with ODP stock already at multi-year lows, even a small financial impact on existing sales could be terminal.
In today’s austere economic times, where every customer counts, ODP can’t afford to appear as though it’s choosing sides. While mourners gather for vigils across the country, the tragedy remains the dominant story for different reasons depending on who you are.
For the politically-minded, it was a game-changing moment. For average Americans, a shocking murder. However, for Office Depot, this week’s events serve as a sobering reminder that, in an era of political polarization, raw emotion, and viral outrage, even a slight misstep by a single employee can trigger massive financial consequences.