OfficeMax to Close 40 Stores, Expects Loss
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Bloomberg News
OfficeMax Inc., the third-largest U.S. office supplies chain, said that it will close 40 stores and that it expects a loss in its fiscal fourth quarter.
Operating results in the quarter ending Jan. 26 are substantially better than the third quarter, Chief Executive Michael Feuer said.
The Shaker Heights, Ohio-based company’s fourth-quarter same-store sales as of Monday fell 2.4%, less than a 7.9% decline in the third quarter, he said.
OfficeMax shares rose 63 cents to $4.15 on the NYSE.
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