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So here I am .........I have a home paid for.....no bad credit and a fabulous credit score. Yesterday I got in the mail that my " OfficeMax" card will be closed .........Yikes, what a surprise. I pay them way ahead, and way more then they require....... Today I called the bank, and also checked my credit reports........Reports are all nice and green and lookin' good.......So...... The call to the bank who services Office Max said they were closing those stores.........And yep, my credit is fine with them, but the cards are ending, for Office Max. Just a big surprise to me. But, it shouldn't be in this economy. I loved purchasing my two computers from them. Paying them off before any interest incurred. I'll be sorry to see them go......... Are we just going to wind up with Walmart to buy from?
They are closing a few of their stores, but not shutting down for good. Maybe they're closing their stores near you and don't see the point in having you as a card customer anymore?
I wouldn't be sorry to see them go though. Returns there are a pain. I bought something from an NY OfficeMax store on vacation and tried to return it to a PA store a couple of days later. Evidently their computer system can't handle that because of the differences in state tax. The guy told me they can't refund NY tax in PA.
I pointed out that they wouldn't pay sales tax on a returned item, so in effect they're just pocketing the difference between taxes on my return (NY tax is higher). After a few minutes of arguing, they finally got a manager (a few minutes of waiting) to override the transaction (which took another 5 minutes because the guy couldn't figure out how to override) and refund the sales tax. So what would have been a 1-minute return at Target, Walmart, or any other competent store, turned into a 20-minute return at OfficeMax.
There was a lengthy piece on credit cards on NPR the other day. It simply does not matter if you are a great customer, paid ahead, paid off your balance every month, etc. - in today's market, what you experienced is becoming commonplace. Credit cards are being cancelled for no reason whatsoever.
HSBC, which has been involved with chain credit cards has decided that based upon the economy and over due accounts that they will no longer be involved with chain retail credit cards. Officemax is not closing, your current cards will be cabceled by the end of may. Officemax is renegotiating with Citi financial for a retail chain based credit card. For your inconvenience Officemax will be sending customers that currently have a Officemax credit card a 15% off your total purchase coupon. For more information you may visit any offciemax store for info related to this.
I hope not, their corporate headquarters is here and they employ lots of people. Our metro area is already hitting the skids for jobs big time. I have NOT heard they are closing from anyone that works there.
OfficeMax Incorporated today announced the results for its first quarter ended March 28, 2009. Total sales decreased 17.0% in the first quarter of 2009 to $1,911.7 million compared to the first quarter of 2008. Net income (available to OfficeMax common shareholders) decreased in the first quarter of 2009 to $13.1 million, or $0.17 per diluted share, from $62.4 million, or $0.81 per diluted share in the first quarter of 2008.
Sam Duncan, Chairman and CEO of OfficeMax, said, "Although our financial results declined in the first quarter versus the prior year period, we continued to make improvements to our business and to contain costs. We believe the actions we have been taking significantly benefited our company's performance this quarter. We improved Retail segment operating expense as a percentage of sales compared to the first quarter of 2008 as a result of reorganizing our management, more efficient execution, and tighter cost controls. Our efforts to streamline our business are enabling us to operate profitably and preserve cash and liquidity to carry us through this very challenging economic environment."
In other words their sales dropped like a rock, and they are scrambling like crazy to avoid disaster.
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