[Anonymous]

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.

[Author]

November 26, 2008 at 1:59 PM