More downsizing: Office Max

In line with the Toys R Us post below, Office Max has also announced that they are slimming down. The #3 office supply chain will close 110 of its 950 locations.

Being #3 is a bad position to be in these days.

Thursday Update: Yesterday's link included a sentence saying, "Its largest shareholder, K Capital Partners LLC, demanded in November that the board of directors take immediate steps to improve its "dismal" financial and operating performance."

Now, K Capital has asked in a filing with the SEC that the company be sold:

"We believe the best path forward for your shareholders is obvious," K Capital said in a letter on Tuesday and included in Wednesday's filing. "Why should a company's shareholders have to run a proxy contest to convince its board to do the right thing?"