Business News

OfficeMax Announces Common Stock Dividend Suspension

Friday 19. December 2008 - OfficeMax Incorporated (NYSE:OMX), a leader in office products and services, announced today that the Board of Directors voted to suspend the payment of quarterly cash dividends on the Company's common stock, effective immediately, due to the impact of continued weak economic conditions.

“Suspending the common stock dividend will result in annual savings of approximately $45 million and is consistent with the actions we’ve taken during 2008 to reduce costs and enhance liquidity, including recently announced staff eliminations and other cost reduction initiatives,” said Sam Duncan, chairman and chief executive officer of OfficeMax. “In the current environment, we believe this is the most prudent decision and in the best interest of the company and its stakeholders.”