OfficeMax
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Subsidiary Brand |
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| Industry | Retail |
| Fate | Merged with Office Depot |
| Founded | April 1, 1988 Cleveland, Ohio, U.S. |
| Founder |
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| Headquarters | 6600 North Military Trail Boca Raton, Florida, U.S. 33449 |
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Area served
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United States, Canada and Mexico |
| Products | Office supplies |
| Parent |
Kmart (1991–1995) Office Depot (2013–present) |
| Website | www |
OfficeMax is an American office supplies retailer founded in 1988. It is now a subsidiary of Office Depot, Inc., which is headquartered in Boca Raton, Florida. As of December 2012, OfficeMax operated 941 stores in 47 states, Puerto Rico, the U.S. Virgin Islands and Mexico. In 2012, net sales were $6.9 billion, down from $8.3 billion in 2008.
On February 20, 2013, an all-stock merger between Office Depot and OfficeMax was announced. The merger was completed on November 5, 2013, creating the largest U.S. office-supplies chain. The OfficeMax name continues to serve as a brand of the newly formed Office Depot, Inc.
On April 1, 1988, OfficeMax was founded in Cleveland, Ohio, by Bob Hurwitz and Michael Feuer. Hurwitz served as executive chairman and chief executive officer, and Feuer was the president and chief operating officer. On July 5, 1988, OfficeMax opened its first retail store in the Golden Gate Shopping Center in Mayfield Heights, Ohio; after being open for 27 years, this location closed on May 16, 2015. Hurwitz left the company in 1993 and Feuer became the chairman and chief executive officer.
OfficeMax grew by acquisition with Office World first in November 1990, with Office World executive and Montgomery Ward becoming minority shareholders. In 1990, Office Square stores were purchased from Kmart, in exchange for a 22% equity stake. In 1991, Kmart increased its stake in OfficeMax to 92%. In January 1992, OfficeMax acquired five sites from Highland Superstores in Boston. OW Office Warehouse, a Virginia-based regional chain, was acquired in June 30, 1992. The company then acquired BizMart, its largest acquisition (104 stores) to date, in 1993 from Intelligent Electronics. On August 16, 1993, OfficeMax joined Kmart and most of its other specialty stores in the "largest power center" in Utica, Michigan and joined by Best Buy. OfficeMax acquires a 19% stake in Corporate Express, a contract stationer. In May 1994, Kmart put a plan in front of its stockholders to sell 20% to 30% of each of its specialty store subsidiaries shares on the open market to pay down debt and fund future expansion of the subsidiaries. Kmart's shareholders turn down the proposal at their June 3 annual meeting. In November 1994, FurnitureMax store within a store concept begins testing in the Cleveland market. In 1995, Kmart sold off 51% of OfficeMax shares, spinning off the company and became a NYSE-(OMX) publicly traded corporation, based in Shaker Heights, Ohio.
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Wikipedia