Office Depot is surging after announcing it's teaming up with Alibaba

  • Alibaba and Office Depoton Monday announced a strategic collaboration.
  • The collaboration will leverage Office Depot 's relationships with more than 10 million US business customers and Alibaba's global network of over 150,000 suppliers.
  • Their goal is to empower US small- and medium-sized businesses to grow by tapping into the $23.9 trillion global business-to-business e-commerce marketplace.
  • Watch Office Depot trade live.

Office Depot shares surged 11% Monday morning to $3.95 apiece after the company announced a strategic collaboration with Alibaba, China's biggest e-commerce site.

The collaboration will leverage Office Depot's relationships with more than 10 million US business customers and Alibaba's global network of over 150,000 suppliers. Their goal is to empower US small- and medium-sized businesses to grow by tapping into the global business-to-business e-commerce marketplace, which was most recently valued at $23.9 trillion by the US International Trade Commission, according to a press release. 

RELATED: Take a look at every retailer that filed for bankruptcy in 2018: 

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Every retailer who filed for bankruptcy in 2018

A'gaci

Women's apparel and accessories retailer A'Gaci filed for Chapter 11 bankruptcy in January. 

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Kiko USA

Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection in January.

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Tops Markets

Tops Markets operates 174 supermarkets — called Tops Friendly Markets. The company filed for bankruptcy protection in February.

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The Bon-Ton Stores

The Bon-Ton Stores owns multiple department store chains including Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers. The company filed for bankruptcy in February.

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Remington Outdoor

Remington filed for Chapter 11 bankruptcy protection in March.

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The Walking Company

The shoe seller The Walking Company, which operates 208 stores in the US, filed for Chapter 11 bankruptcy protection in March.

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Claire's

The jewelry chain Claire's filed for bankruptcy in March.

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Southeastern Grocers

Southeastern Grocers, the parent company of the grocery chains Winn-Dixie, Harveys and Bi-Lo, filed for Chapter 11 bankruptcy protection in March.

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Nine West

Nine West Holdings filed for bankruptcy in April.

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Bertucci's

Italian casual-dining chain Bertucci's filed for Chapter 11 bankruptcy protection in April.

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Rockport

The footwear brand filed for Chapter 11 bankruptcy protection in May.

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National Stores

The owner of the Fallas chain of discount stores filed for bankruptcy in August.

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Brookstone

Brookstone filed for Chapter 11 bankruptcy protection in August.

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Samuels Jewelers

Samuels Jewelers filed for Chapter 11 with an agreement for bankruptcy financing in August.

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Toys R Us

Toys R Us filed for bankruptcy in September.

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Mattress Firm

Mattress Firm filed for bankruptcy in October.

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Sears

Sears filed for bankruptcy in October.

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"As a trusted partner to millions of businesses, our customers tell us they want more choice in the market and need an expanded set of products and services to help their businesses grow," Gerry Smith, CEO of Office Depot, said in the press release. "We believe our collaboration with Alibaba.com is exactly what they are asking for."

Office Depot reported earnings of $0.09 a share in the fourth quarter, topping the Wall Street consensus of $0.08, according to Bloomberg data. It generated $2.67 billion of revenue, just shy of the $2.68 billion that was expected.

Shares were up 52% in the past year.

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