OfficeMax Inc. (OMX) will begin selling two of Barnes &
Noble Inc.'s (BKS) e-readers at the end of this month as the office
supply company tries to bolster its flagging sales.
The e-reader market has seen surging growth in recent months, as
a number of players enter the market with splashy launches. Barnes
& Noble faces stiff competition from Apple Inc. (AAPL) and
Amazon.com Inc. (AMZN), among others.
OfficeMax--the No. 3 player in the office-supplies sector behind
Office Depot Inc. (ODP) and industry leader Staples Inc. (SPLS)--on
July 30 will be offering the new Nook ultralight reader for $139
and the Nook Color Reader's Tablet at $249.
Nook products already are sold by other major retailers such as
Wal-Mart Stores Inc. (WMT) and rival office-supplies vendor
Staples.
OfficeMax in April posted its 13th consecutive quarter of
year-to-year sales declines as it swung to an unexpected
first-quarter loss. The company has been struggling in a sector
beset by a glut of U.S. stores and cutthroat operating margins.
Shares closed Wednesday at $7.64 and were inactive premarket.
The stock is down 57% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com