OfficeMax was founded in Cleveland, Ohio in 1988. Originally it targeted small businesses. In 1990 and 1991 Kmart purchased 90% of all new stock. Although they had a high interest in the company Kmart did not interfered with OfficeMax’s business. As a result, it was a great partnership. Sales grew at an annual rate of 141% from 1990 to 1993; this was a result of both new store openings and the acquisition of 96 BizMart superstores. By 1994 OfficeMax had 345 stores and sales of $1.4 Billion. In 1994 Kmart sold 75% of OfficeMax stock and that gave way for a spinning-off of OfficeMax as an independent company. In 1996 OfficeMax reached $2.54 Billion in net sales, achieving its goal despite bad conditions. OfficeMax also opened another 80 superstores and launched its first national advertising campaign. The company also focused on internal issues such as productivity and inventory turnover. ...
