March 12, 2005 |
A group of OfficeMax Inc. investors urged management to consider breaking up or selling the office supplies retailer and hired Blackstone Group to explore alternatives for the company. K Capital Partners, which owns almost 6 million shares of OfficeMax, said the stock price was undervalued, according to a filing with the Securities and Exchange Commission. Shares of OfficeMax rose 20 cents to $34.16 on the New York Stock Exchange. From Bloomberg News * Staples Inc.
March 2, 2005 |
OfficeMax Inc., the No. 3 U.S. office-supplies retailer, said it would restate income for the first three quarters of last year after completing a probe that found employees fabricated $3.3 million in rebates billed to suppliers. The audit committee investigation discovered the company overstated operating income by as much as $5 million during the first nine months of 2004, Itasca, Ill.-based OfficeMax said.
November 12, 2002 |
Office supply retailer OfficeMax Inc. had its second quarterly profit this year after eight quarters of losses as it attracted more customers and increased sales. OfficeMax had net income of $16.5 million, or 13 cents a share, contrasted with a net loss of $25.8 million, or 23 cents, a year earlier. Sales rose 5.8% to $1.26 billion, the company said. Sales at stores open at least a year rose 7.7%, the most in five years. Shares of Shaker Heights, Ohio-based OfficeMax rose 31 cents to $5.
December 5, 1992 |
Kmart Unit Buying BizMart Inc.: Kmart Corp. said its OfficeMax Inc. division is buying the Dallas-based chain of office "superstores" in a deal that propels the retailer toward the top of the office-supply business. Acquisition of the 104-store BizMart chain will make 4-year-old Cleveland-based OfficeMax the No. 2 player behind Office Depot Inc. in the office superstore market with 284 outlets, up from 79 less than a year ago. Office Depot, based in Delray Beach, Fla.
April 12, 2000 |
Carlos Slim Helu, Latin America's wealthiest businessman, plans to boost his family's stake in U.S. retailers Saks Inc. and OfficeMax Inc., viewing both companies as undervalued. Slim, who paid $120 million last month for a 7% stake in Saks, owner of the New York landmark Saks Fifth Avenue store, wouldn't say how much of the companies he wants to buy. He said he's not thinking of acquiring control of either company. Slim owns at least 8% of Cleveland-based OfficeMax.
August 9, 1997 |
OfficeMax Inc. on Friday said it plans to invest about $100 million over five years with a Mexican partner to open 50 stores in Mexico as the country's retail sector begins to recover. "We are beating sales projections by about 30%," Elmer Franco, executive vice president of OfficeMax Mexico, said during a store inauguration in Monterrey, Mexico's second-largest city. OfficeMax now operates five office-supplies stores in Mexico City and two in Monterrey.