Business Services Industry
Mending OfficeMax; The CEO has a plan to turn around the No. 3 office supplier, but the Itasca company has far to go to catch up with rivals Staples and Office Depot.(Chief Exeuctive Officer)
Crain's Chicago Business, March, 2006 by Jones, Sandra
Byline: SANDRA JONES After battling a disgruntled investor for much of last year, OfficeMax Inc. CEO Sam K. Duncan has some breathing room as he tries to fix the ailing office supply seller. But turning around a troubled retailer is a rare feat, industry watchers say. "Fewer than one in five retailers that find themselves in a degree of distress actually manage to turn around,'' says Holly Felder Etlin, a principal at XRoads Solutions Group, a New York-based restructuring firm.
"The hardest thing in retail is to get a customer who shopped in your store, and is now shopping elsewhere, to choose to come back.'' OfficeMax stock took a 12% dive in late December after hedge fund K Capital Partners, an investor advocating a sale of the company, announced it was...
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