is reviewing its U.S. retail stores and may close or relocate some underperforming stores.
The office products retailer is reviewing about 50 stores. The company has almost 1,000 stores in the U.S. The company expects to open 54 superstores this year, but plans to reduce the number of new store openings in fiscal 2001 to an unspecified level.
In addition, the company settled its protracted litigation with
Ryder Integrated Logistics
. OfficeMax will record a third-quarter charge of about $19.5 million for costs associated with the settlement, which will result in a loss of about 10 cents a share in addition to the expected loss from operations that was announced earlier this month. On Oct. 4, OfficeMax said it expected to report a third-quarter loss of about 10 cents a share.
OfficeMax also received commitments to obtain a new $700 million revolving credit line and an additional new $50 million arrangement.
Shares of OfficeMax were recently trading up 38 cents, or 14.6%, to $2.94.