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OfficeMax Stands Pat on Closures

NAPERVILLE, IL-Major store closures are not planned for 2010, the first year since 2006, though 25 doors will be shut in 2009.

By Debra Hazel | Updated on October 30, 2009

NAPERVILLE, IL-OfficeMax has completed its major store closures, executives said at the company’s third quarter conference call. The retailer shuttered some 100 units since 2006, with two-thirds of the chain’s leases coming up for renewal in five years.

“We carefully assess the cost benefit of store closures,” said Sam Martin, executive vp and COO. “We believe it is not necessary to close a large number of stores in the next year.”

During the quarter, the company closed one retail store in the US and one in Mexico. Plans remain on track for the OfficeMax to open a total of 12 units, and to close up to 25 retail stores this year. The company plans to pursue store-in-store opportunities, said Sam Duncan, chairman and CEO.

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