Dallas FedEx Corp. said it will change the name of FedEx Kinko's to FedEx Office, according to the Dallas Business Journal. The name change will take place during the next several years.
FedEx officials said the FedEx Office name better describes the wide range of services available at its retail centers.
The company expects to take a charge of $891 million in its fiscal fourth quarter, which ended May 31. The charge relates predominately to one-time, noncash impairment charges related to the Kinko's name change and goodwill from the Kinko's acquisition in 2004.
"The goodwill impairment charge reflects a decline in the current fair value of the FedEx Office unit in light of current economic conditions, the unit's recent and forecasted performance and the decision to reduce the rate of store expansion," FedEx said.
FedEx said the name change will occur over the next several years, according to the report.