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On April 1, 1988, OfficeMax was founded in Cleveland, Ohio, by Michael Feuer (who served as Chairman and Chief Executive Officer) along with seven other associates. On July 5 of that year, OfficeMax opened its first retail store in the Golden Gate Shopping Center in Mayfield Heights, Ohio (the location remains open today as store #1).
OfficeMax grew by acquisition, including its 1990 takeover of Office Square stores, previously owned by Kmart, in exchange for a 22% equity stake. In 1991, Kmart increased its stake in OfficeMax to 92%. The company acquired BizMart, its largest acquisition to date, in 1992. OW-Office Warehouse, a Virginia-based regional chain, was acquired in 1993. In 1995 OfficeMax was spun-off of Kmart and became a NYSE-(OMX)-publicly-traded corporation, based in Shaker Heights, Ohio.
For the next ten years OfficeMax and its rivals, STAPLES and Office Depot, continued to open new stores, saturating the market segment. OfficeMax developed regional delivery centers, and investing in its super-regional PowerMax distribution centers in Las Vegas, NV (North Las Vegas, NV), Hazleton, PA (Onida, PA), and Birmingham, AL (McCalla, AL). All the while OfficeMax had the worst money losing results of the three. In 2001-2003, OfficeMax began closing under-performing stores in some neighborhoods and in regions where it didn't have a strong presence. Staples and Office Depot considered merging, but that deal was called off. Of the three, it was OfficeMax that would be acquired; by Boise Cascade Office Products Corporation, which had a nationwide office supply delivery operation based in Itasca, IL. Boise had no bricks and mortar retail presence; their model used sales accounts people.
Boise Cascade, which bought OfficeMax in 2003, also owned the Cuban Electric Co. before it was seized by the Cuban government following the 1959 revolution that brought Castro to power. OfficeMax is the largest property claimant in Cuba.
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