OfficeMax Chapter 11 and Store Closings

Judged:

OfficeMax plans to file for chapter 11 in the text few weeks

Mike

Judged:

*Next

matt

and where did you hear this from mike?

Mike

Someone from corporate

matt

are you talking about corporate naperville?
Do you work at OfficeMax?
Do you think its true?

Mike

Judged:

Yes I am talking about naperville. I cant say much because of my source I dont want to get the person in hot water. The person works in store operations and they have to prep a conference call to release the information. I was also told by the person that they already leaked some information to the vendors. This person has always been very reliable so yes I think its true. No I dont work for OfficeMax.

interestingnews

Judged:

If this is true, I am certainly not surprised. They've been in trouble for a long time. There are some very good people there, but with a bad economy and weak top management, this was unavoidable.

hope your wrong

What would store ops be doing that for ?
sounds like a job for human resources not store ops

I hope your wrong - my kids food depends on it !

but I am a great leader - so God be with me and my great company

OMXSTOREMGR

Judged:

Office Max has made the decision to close 30 underperforming stores,including my location. This will result in 300-400 more lay offs as the mgmt and associates at each location can not be absorbed into neighboring locations due to payroll constraints. While Sam Duncan explains to associates via ADVANTAGE TV that the company is scaling back on merit review increases and suspending 401k matching contributions and now closing stores, all while 2 executives have been hired within the past 3 months, seems they wouldnt have money for them either. It is unfortunate that good people have been put into a losing situation with a very poorly run company and executives, I am sure Mr Duncan will receive his $5.2 mil this year though.

Retail -Retail-Retail

OMXSTOREMGR wrote:

Office Max has made the decision to close 30 underperforming stores,including my location. This will result in 300-400 more lay offs as the mgmt and associates at each location can not be absorbed into neighboring locations due to payroll constraints. While Sam Duncan explains to associates via ADVANTAGE TV that the company is scaling back on merit review increases and suspending 401k matching contributions and now closing stores, all while 2 executives have been hired within the past 3 months, seems they wouldnt have money for them either. It is unfortunate that good people have been put into a losing situation with a very poorly run company and executives, I am sure Mr Duncan will receive his $5.2 mil this year though.

What district are you in? When did this news come down?

OMXSTOREMGR

Judged:

Since my store is the only one in the district i'd rather not say. It is in Florida though. The news came down 2-2-09, however the Coporate Office has been going through Period 1 PnL's and making determinations since 1/10/09

formerOMX

Judged:

i worked for officemax for 13 years and left june 25 when they gave people packages and i got 26 weeks of pay, i will tell u the company is run very badly and this does not surprise me it also would not surprise me if they got bought out or went completly under and soon, the whole company is run bad they took the customer service out of the store a long time ago and boundless selling is a piece of crap and so is SAP and all the new software they spent millions of dollars on instead of spending that money on there own people that work in the stores and who make the company run.

Retail -Retail-Retail

OMXSTOREMGR wrote:

Since my store is the only one in the district i'd rather not say. It is in Florida though. The news came down 2-2-09, however the Coporate Office has been going through Period 1 PnL's and making determinations since 1/10/09

Can you tell me if it's happening on the East Coast or West Coast? Thanks!

mandatory store meetings

Westerville, OH

Judged:

all stores must hold a meeting on the 18th at 8am. Something is going on.

Retail -Retail-Retail

mandatory store meetings wrote:

all stores must hold a meeting on the 18th at 8am. Something is going on.

When did you hear about the mandatory meeting? My store hasn't said anything as of yet. I wonder if it has anything to do with what they are going to announce on the conference call re 2008 earnings Mon. 18th @ 9AM. Did we have mandatory meetings before the last 3 conference calls re: quarterly sales I can't remember? Thanks!!

Retail -Retail-Retail

I'm sorry I meant to say the Omax conference call is on Wednesday the 18th. This seems to put it in-line with the "mandatory store meetings" on the same day.

Retail -Retail-Retail

Mike wrote:

OfficeMax plans to file for chapter 11 in the text few weeks

I think in order for a company to file Chapter 11 they have to have debt to show against their assets and according to Omax they have been telling us for years that they have no short-term or long-term debt. They have always called themselves a debt free company for years, of course I'm sure they aren't going to show us they're entire card hand.

mandatory store meetings

Westerville, OH

Judged:

sorry had my date wrong. the mandatory store meeting came from Corporate last week on the Mgrs Conf Call. The store meeting is Sunday the 15th from 8-10. At least that is what we have been told.

mike

All of u are stupid! The meeting has nothing to do with any stores closings. All of U will still have a job. And no chapter 11.

mike