OfficeAxe

OfficeMax Inc. (Shaker Heights, Ohio) announced that it will close 50 stores in 17 states around the country and cut its store expansion plans in half. Announcement of the move was accompanied by a statement that the office products retailer will have an unexpected loss for its fiscal fourth quarter. The news came nearly a month after one of its two arch rivals, Office Depot Inc. (Delray Beach, Fla.), said it will close 70 stores in 18 states and Canada. However, Office Depot had also said it would spend $110 million on renovations of existing stores. Yet to be heard from: Staples Inc. (Framingham, Mass.).