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Money & Company

OfficeMax and FedEx ink multiyear deal

By W.J. Hennigan
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FedEx Express and FedEx Ground shipping will now be available at more than 900 OfficeMax Inc. retail locations.

The two companies announced a multiyear agreement today that is set to roll out through July, August and September. The exact terms of the deal were not disclosed.

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“This expansion of the FedEx retail network is designed to benefit express and ground shipping customers, including small business shippers and consumers,” said T. Michael Glenn, FedEx Corp. executive vice president, market development and corporate communications, in a statement.

The move comes as FedEx’s domestic volume has plummeted amid the recession. The Memphis-based company’s U.S. express volume has dropped for 14 consecutive quarters.

According to a statement released by the two companies, the on-site shipping options are expected to be offered at all OfficeMax stores by Sept. 30. However, stores in Chicago and Memphis have already begun accepting packages.

FedEx hopes the move performs better than its previous foray into the retail market. In 2004, the company purchased Kinko’s, now known as FedEx Office. The company has since had to take write-downs totaling about 70% of the $2.4-billion purchase.

-- W.J. Hennigan

Money & Company
W.J. Hennigan

W.J. Hennigan covered the Pentagon and national security issues from Washington, D.C., before leaving the Los Angeles Times bureau in November 2017. While there, he reported on war, counter-terrorism, and the lives of American service members from more than two dozen countries and previously covered the aerospace and defense industry from Los Angeles. Hennigan earned awards from the National Press Club, the Gerald R. Ford Presidential Foundation, and was a contributor to the Los Angeles Times coverage of the terror attacks in San Bernardino that won a Pulitzer Prize in 2016.

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