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About Office Max:
OfficeMax (NYSE:OMX), is an office supplies retailer that was founded in 1988 and is headquartered in Naperville, Illinois. As of 2011, it is the second largest office supplies retailer in the United States, behind Staples but ahead of Office Depot[1].
On April 1, 1988, OfficeMax was founded in Cleveland, Ohio, by Michael Feuer (who served as chairman and chief executive officer) along with seven other associates. On July 5, 1988, OfficeMax opened its first retail store in the Golden Gate Shopping Center in Mayfield Heights, Ohio this location still remains open.
OfficeMax grew by acquisition with Office World first in November 1990 with Office World executive and Montgomery Ward becoming minority shareholders.[2] [Office Square]] stores in 1990 was purchased from Kmart, in exchange for a 22% equity stake.[3] In 1991, Kmart increased its stake in OfficeMax to 92%.[4] In January 1992, OfficeMax acquired five sites from Highland Superstores in Boston. OW Office Warehouse, a Virginia-based regional chain, was acquired in June 30, 1992.[5] The company then acquired BizMart, its largest acquisition (104 stores) to date, in 1993 from Intelligent Electronics. [6] ON August 16, 1993, Officemax join Kmart and most of its other specialty stores in the “largest power center” in Utica, Michigan and joined by Best Buy]].[7] OfficeMax acquires a 19% stake in Corporate Express, a contract stationer.[8] In May 1994, Kmart put a plan in front of its stockholders to sell 20% to 30% of each of its specialty store subsidaries shares on the open market to pay down debt and fund future expansion of the subsidaries.[9] Kmart’s shareholders turn down the proposal at their June 3 annual meeting.[10] In November 1994, FurnitureMax store within a store concept begins testing in the Ceveland market.[11] In 1995, Kmart sold off 51% of OfficeMax shares, spinning off the company and became a NYSE-(OMX)-publicly-traded corporation, based in Shaker Heights, Ohio.[12]