OfficeMax to Close 40 Stores, Expects Loss

OfficeMax Inc., the third-largest U.S. office supplies chain, said that it will close 40 stores and that it expects a loss in its fiscal fourth quarter.

Operating results in the quarter ending Jan. 26 are substantially better than the third quarter, Chief Executive Michael Feuer said.

The Shaker Heights, Ohio-based company’s fourth-quarter same-store sales as of Monday fell 2.4%, less than a 7.9% decline in the third quarter, he said.

OfficeMax shares rose 63 cents to $4.15 on the NYSE.