http://www.chicagotribune.com/business/sns-ap-officemax-stores,1,6917277.story?coll=chi-business-hedOfficeMax Inc., struggling to keep up with its competition in the crowded office supplies business, said Tuesday it will close 110 retail superstores across the United States and make other restructuring moves in the first quarter.
The company also said it will close its wood-polymer building materials plant in Elma, Wash., and five retail stores in Canada as part of a shake-up that will result in $187 million in pretax charges.
The moves represent the latest attempt by the Itasca-based company to shake out of the doldrums after what its largest investor has blasted as a "dismal" financial and operating performance recently.
It wasn't immediately clear if the restructuring was enough to satisfy that investor, K Capital Partners LLC, whose managing director, Brian Steck, demanded changes in November in a scathing letter to the board of directors. Steck's office in Boston did not immediately return a telephone message Tuesday.
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