TOKYO, Dec. 18 /PRNewswire/ -- OfficeMax, Inc. (NYSE: OMX), the Cleveland,
Ohio based office products superstore chain, and JUSCO Co., LTD.
(Tokyo: JUSCO), the Tokyo-based international retail chain, today announced
that they have entered into a joint venture agreement to form OfficeMax JAPAN
CO., LTD, a Japanese corporation, to operate OfficeMax superstores in
Japan. This announcement was made today by Michael Feuer, OfficeMax's
Chairman and CEO, and Takuya Okada, JUSCO's Chairman and CEO, at a signing
ceremony and press conference held in Tokyo.
Mr. Feuer stated that initially OfficeMax will own a 19% interest in the
new venture and, under the terms of the agreement, has the ability to increase
its ownership stake in the future up to 50%. The parties have also agreed to
cooperatively explore additional Asian joint venture possibilities outside of
Japan where JUSCO already has a presence. "Japan, with a population of over
125 million people, has the potential to support approximately 200 OfficeMax
superstores," said Mr. Feuer. "We are extremely pleased to be entering Japan
with a premier global retailer like JUSCO, whose knowledge of the Asian market
and vast retailing and real estate experience will enable OfficeMax to
capitalize on this significant new growth opportunity." OfficeMax JAPAN CO.,
LTD anticipates opening its first new superstores in Tokyo in late 1997.
"We are delighted to partner with OfficeMax which in just eight years has
grown to be one of the largest operators of office products superstores in the
United States with over 550 superstores," said Mr. Okada. "OfficeMax with its
retailing expertise in the office products industry will bring a new dimension
to the distribution of office products in Japan, similar to what took place in
the United States during the 1980's, which ultimately benefits the customer
through lower retail prices." Mr. Okada added that OfficeMax's vast
assortment of merchandise offered in its superstores represents a breadth and
depth of merchandise not typically available from traditional office products
retailers and mass merchandisers.
A typical OfficeMax superstores features over 7,000 stock-keeping units of
quality, in-stock name-brand and private label merchandise, ranging from
office supplies, business machines and electronics, computers and software to
office furniture. OfficeMax superstores also include FurnitureMax and
CopyMax, store-within-a-store retailing modules devoted exclusively to office
furniture and "print-for-pay" services, respectively. Mr. Feuer also said
that operations in Japan will eventually include a delivery center that will
support OfficeMax JAPAN's online catalog business as well as its
state-of-the-art online electronic ordering kiosk, both of which will enable
customers to order over 20,000 office supplies and other products for next-day
JUSCO, one of the most prominent retail companies in Japan, arose out of
the business combinations of three Japanese retail chains in 1969, one of
which traces its origins back to 1758. JUSCO is the core of an international
retailing business conglomerate composed of 153 domestic and foreign companies
with consolidated revenues totaling US$20 billion. JUSCO's operations include
approximately 300 superstores that provide food products, apparel and all
types of items for daily life. JUSCO also operates various specialty stores,
such as Cox, Claire's, Talbots, Laura Ashley and Aeon Forest, which operates
the Body Shop stores under license. Last year, JUSCO launched a joint venture
similar to OfficeMax JAPAN with The Sports Authority, Inc. (NYSE: TSA), a
leading U.S. sporting goods superstore operator.
OfficeMax today operates in over 200 markets in 46 states, Puerto Rico and
Mexico and plans to open an additional 125 to 150 stores next year in the
United States. The Company also operates OfficeMax OnLine on the Internet at
http://www.officemax.com, which enables consumers to buy a wide assortment of
OfficeMax merchandise using their personal computers.
This release contains forward-looking statements which are subject to risk
and uncertainties. OfficeMax's quarterly report on Form 10-Q for the quarter
ended July 27, 1996, contains additional discussion about these factors which
could cause results to differ from Management's expectations.
SOURCE OfficeMax, Inc.
/CONTACT: Investor Relations, Juris Pagrabs, Divisional Vice President,
of OfficeMax, 216-295-6698, or Tom Tsuruta, Senior Vice President, of JUSCO,
/OfficeMax's press releases available through Company News On-Call by fax,
800-758-5804, ext. 633350, or at http://www.prnewswire.com/
(OMX JUSCO TSA)
CO: OfficeMax, Inc.; JUSCO Co. LTD.
-0- (PRN) Dec/18/96 7:51
EOS (PRN) Dec/18/96 07:51 86
-0- (PRN) Dec/18/96 8:06
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