Naperville-based OfficeMax Inc. reported a higher-than-expected quarterly profit Wednesday as tight cost controls offset weak sales. Get the full story »
OfficeMax
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OfficeMax shares soar on takeover chatter
OfficeMax Inc. shares rose 9.3 percent to $15.69 in heavy trading Tuesday after a J.P. Morgan analyst said that the office supply company was ripe for a leveraged buyout.
The Naperville-based retailer is undervalued compared to its larger rivals Staples Inc. and Office Depot Inc., analyst Christopher Horvers said in the report. Even though OfficeMax is five years into a turnaround effort, there is still plenty of room left to restructure the business, he said. The report valued OfficeMax at $28 a share, citing the company’s cash pile along with a slew of expiring leases that would allow OfficeMax to move to higher traffic locations and open smaller, more productive stores. Get the full story »
OfficeMax reiterates its third-quarter sales outlook
OfficeMax Inc. maintained its third-quarter sales forecast on Tuesday and said customers were budget conscious in their back-to-school spending.
Microsoft founder suing Apple, Google, OfficeMax
A firm run by Microsoft Corp. co-founder Paul Allen is suing Apple Inc., Google Inc. and 9 other companies alleging they are violating patents developed at a Silicon Valley lab Allen financed more than a decade ago.
Allen, 57, Friday through his firm Interval Licensing LLC filed suit in federal court in Seattle asserting the companies are using technology from his laboratory. Named in the suit, along with Apple and Google, are AOL Inc., eBay Inc., Facebook Inc., Netflix Inc., Office Depot Inc., OfficeMax Inc., Staples Inc., Yahoo Inc. and Google’s YouTube subsidiary. Get the full story »
OfficeMax stocks off 12% on 2Q sales, outlook
Office Max Inc.’s stock dropped 12 percent in morning trading following news that the company was expecting lower-than-forecast sales for the third quarter.
The company said this morning in reporting weaker than expected quarterly sales, the economy was recovering at a slower rate than expected and expects to face “headwinds” in the second half of the year due to continued high unemployment and other economic conditions. Get the full story »
Local companies swear by different e-mail policies
Goldman Sachs might be cleaning up its potty mouth — telling workers that it’ll bar filthy language in e-mails and use software to screen for it — but some Chicago-area companies have different philosophies.
“We do not have a policy on the use of curse words in e-mails,” said Lee Mitchell, managing partner for Chicago-based Thoma Bravo LLC.
But “now that Congress’ ‘financial reform’ legislation has made us subject to SEC regulation, I guess the SEC will be telling us which words are a systemic threat to the global economy and, therefore, have to be banned,” the private equity executive cheekily added. Get the full story »
OfficeMax COO leaves for another company
OfficeMax Inc. said its chief operating officer has left to become the chief executive of another public company, the latest executive to leave–or plan to leave–its ranks. The office-supplies retailer said Sam Martin, who was also an executive vice president, stepped down from his role effective Wednesday. Get the full story »
