Hedge fund K Capital pressures OfficeMax

BOSTON, Nov 14 (Reuters) – Hedge fund K Capital, the largest shareholder in office supplies chain OfficeMax Inc. (OMX.N: Quote, Profile, Research), on Monday told the company that it wants management to put together a detailed turnaround plan to help improve business.

In a sharply worded open letter, Boston-based K Capital said, “We believe that the state of affairs at OfficeMax is unacceptable and must improve dramatically.” OfficeMax announced weaker-than-expected results at the end of October.

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