OfficeMax Closes 20 Stores, Downsizes Existing Units

OfficeMax announced it will close 20 stores by the end of 2011 in addition to downsizing existing stores and curtailing expansion as a means to cut costs following weak sales, according to published reports. The retailer has already closed some outlets in the U.S. and plans to continue with a 15-to-20-store reduction per year over the next few years.
In addition to reducing the number and size of its stores, OfficeMax has begun to reduce its number of customer fulfillment centers and call centers. The company has also decided against expanding into new markets for the time being.
OfficeMax reported a 2.1% decrease in same-store sales in the third quarter of 2011, contributing to a 1.8% decrease in comp-store sales overall for 2011.

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