OfficeMax to Close 110 Stores, Keep Plans for 70 New Locations

NEW YORK – Office products retailer OfficeMax Inc. (OMX) Tuesday said it would close 110 U.S. stores by the end of March and would take total charges of $187 million over the fourth quarter of 2005 and the current quarter.

The company said it would also close five stores in Canada and cease operations at a wood-polymer building materials facility near Elma, Washington.

The total charges includes about $46 million incurred in the fourth quarter of 2005 and nearly $141 million to be taken in the first quarter of 2006.

Still, OfficeMax expects to open up to 70 new stores in 2006.