*NEWS*OFFICEMAX EARNINGS DROP 90%

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*NEWS*OFFICEMAX EARNINGS DROP 90%

 user 2005-04-17 at 11:29:00 am Views: 75
  • #8937
    officemax earnings Drop 90 Percent 

    OfficeMax
    Inc., Itasca, Ill., reported a 90 percent drop in fourth-quarter earnings to
    $700,000, but its chairman dismissed the need to consider splitting up the
    beleaguered company, as a shareholder group has proposed. George Harad, who also
    became interim CEO last month when Christopher Milliken resigned in the wake of
    an accounting scandal, said this would be “a particularly inopportune time” for
    the company to change direction since other strategic steps already are being
    taken. Those actions, he said, include reshaping top management, integrating
    contract and retail operations, being more selective with promotions, reducing
    debt and committing $775 million to $815 million toward a planned share
    repurchase.