OfficeMax Cuts 245 Jobs

Naperville, Ill. OfficeMax Inc. plans to cut 245 jobs from its North American operations as part of a move to cut $20 million in operating expenses from the company’s budget.

The decision affects corporate and field-management positions throughout the chain. The company expects severance costs related to the job cuts of $8.5 million.

Earlier this month, OfficeMax said it lost more than $400 million in the third quarter as sales fell and a hefty charge weighed down results.

Excluding one-time items, the company earned $28 million, but it assured investors that its finances were solid.

Still, the company said same-store sales fell 11.1% and cautioned it expected "significant" sales declines in the fourth quarter because of a tough economy and weak holiday season.