OfficeMax announces turnaround plan

24 January 2006 – Itasca (IL): OfficeMax has announced its turnaround plan for "higher performance".
 
In the plan, the company says it will be concentrating on improving its corporate infrastructure; driving operating performance improvement in the retail and contract businesses; and delivering financial performance through cost-saving initiatives and the "allocation of capital for growth".
 
The cornerstone of the plan is the development of a single supply chain to support the firm’s retail and contract segments. 
 
‘Max chairman and CEO, Sam Duncan, said the plan was based around a wide-ranging review taken by the company over recent months. "Our board of directors was integral to this process, providing their views and counsel to produce a plan that we believe will allow OfficeMax to attain stronger operating and financial performance, and ultimately, drive enhanced value for our shareholders," he added.
 
A full analysis of the OfficeMax turnaround plan will feature in this week’s OPI+.