It's never a good day when your largest stockholder says, "It's rare to see a turnaround plan so horribly botched."
That's what the Chicago Tribune reports about Office Max. The article is interesting, but I think the telling point for Office Max is that they are a poor #3 in their category, with both Staples and Office Depot 50% or more ahead of them (both are around $14b-15b in sales, with Max at $9b). I've been coming to the conclusion that there's no room for a #3 anymore, except maybe if you can define a niche for yourself. Each category will soon have two players, and possibly just one plus Wal-Mart.
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