OFFICEMAX TO CUT ANOTHER 245 JOBS

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OFFICEMAX TO CUT ANOTHER 245 JOBS

 user 2008-11-26 at 1:59:15 pm Views: 75
  • #20496

    http://www.chicagotribune.com/business/chi-officemax-job-cuts-nov13,0,6797656.story
    OfficeMax to cut 245 jobs in corporate, field management
    OfficeMax Inc. disclosed late Thursday that it is eliminating 245 jobs from its corporate staff and field management team, in a move the Naperville office-supply company called part of a “proactive cost reduction initiative.”

    The retailer said it expects the staff cut to generate severance costs of about $8.5 million; the moves will reduce annual costs by about $20 million, OfficeMax said.”Challenging economic conditions require we take proactive steps to maintain a solid busines position that will support long-term growth,” said Chairman and Chief Executive Officer Sam Duncan.The company’s disclosure came after the stock market’s close.