Itasca, Ill., OfficeMax will close 110 stores by the end of the first quarter of the year. At the same time, it remains committed to opening 70 stores this year.
The move "marks a difficult but necessary stop toward improving our company’s overall performance,” said Sam Duncan, chairman and CEO, OfficeMax. “The store consolidation plan does not change our optimistic outlook with regard to new store development, and we continue to expect that we will open up to 70 new OfficeMax stores in 2006, using primarily our new Advantage store prototype, to strengthen our position in key areas of the country.”
The chain did not specify the locations it has marked for shuttering.