OfficeMax to Close 110 Stores, Keep Plans for 70 New Locations

Office products retailer OfficeMax Inc. (OMX) Tuesday said it would close 110 U.S. stores by the end of March and would take total charges of $187 million over the fourth quarter of 2005 and the current quarter.

The company said it would also close five stores in Canada and cease operations at a wood-polymer building materials facility near Elma, Washington.

The total charges includes about $46 million incurred in the fourth quarter of 2005 and nearly $141 million to be taken in the first quarter of 2006.

Still, OfficeMax expects to open up to 70 new stores in 2006.