As far as I know, Office Depot isn't in any trouble as neither the Two Notch nor Dutch Square stores seem to be closing, but I guess it was a hard sell to get people to brave Harbison traffic for printer paper and paper clips.
Unlike a lot of store closing sales, this one actually had some good bargains. I got an external DVD drive and a USB drive enclosure for a really good price when I went in to check it out.
UPDATE 12 September 2012 -- The place is now a liquication outlet. This seems to be similar to the kind of event sometimes hosted by the Jamil temple where you pay an entrance fee and then look for bargains on electronics and other items. When I went by a week or two ago, the door fee was $5:
UPDATE 1 May 2013 -- It's now Golfsmith: