Fuel for OfficeMax: chain may get millions from stock sale.
HFN: The Weekly Newspaper for the Home Furnishing Network, July, 1995 by Allegrezza, Ray
Kmart is selling its remaining 14.1 million shares of OfficeMax common stock to help finance its new FurnitureMax chain. In addition, Kmart will use the proceeds to enhance its core discount-chain business. The 403-unit OfficeMax brings in revenues of $1.8 billion, and ranks behind Office Depot and Staples in terms of sales. OfficeMax has focused on furniture to set itself apart from other chain office discount retailers.
TROY, Mich.--The stock offering in which Kmart will sell its remaining 25 percent stake in OfficeMax will also give the office superstore chain the resources to fund expansion, including its new FurnitureMax format.
Kmart said last week that it had filed a registration statement with the Securities and Exchange Commission for a proposed public...
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