OfficeMax to cut 245 positions

NAPERVILLE, Ill. OfficeMax announced that, as part of its ongoing efforts to reduce operating costs in the current challenging economic climate, the company is eliminating approximately 245 corporate staff and field management positions in its North American operation. The company estimates this action will reduce ongoing operating costs by approximately $20 million with a related severance cost of approximately $8.5 million.

"Challenging economic conditions require we take proactive steps to maintain a solid business position that will support long-term growth," said Sam Duncan, chairman and ceo of OfficeMax. "The decision to reduce staff is difficult, but is a necessary and realistic response to the environment we are operating in."

OfficeMax announced total sales for the third quarter ended Sept. 27, decreased 9.5% to $2.1 billion. The company reported a net loss of $432.7 million, or $5.70 per diluted share.